Food Inflation Fears Abate as Cooking Oils and Grains Plummet
- Prices back to level before the Russian invasion of Ukraine
- US weather vital for price direction in the next two months
A truck receives crude palm oil from a tank at a palm oil processing factory in West Java, Indonesia.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Worries over surging global food costs are easing as prices of everything from cooking oils to wheat and corn tumble to the lowest levels in months on increasing physical supplies and as investors reduce their bullish bets on futures markets.
Palm oil, the world’s most consumed edible oil, has plunged more than 40% from a record close in April to the weakest level in a year, while wheat has slumped over 35% from an all-time closing high in March, and corn has dropped about 30% from its peak this year.