In an interview on Bloomberg TV, David McLennan, CEO of Cargill Inc. expressed optimism that food prices are nearing a peak and will soon decline.  His reasoning is based on experience that the price of commodities follows cyclic trends.

Inflation will however be an ongoing problem now re-characterized by the Chairman of the Federal Reserve, who no longer regards the economic phenomenon as “transitory”.

Responding to suggestions that high prices for meat were in some way due to collusion or concentration of production capacity among four large companies, McLennan noted that price was a reflection of supply and demand and that there was no manipulation of prices during the serious disruption in processing during 2020 due to COVID.