Global Food Inflation Gets Reprieve as Wheat and Oilseeds Tumble
- Recession fears are weighing on commodity prices, Agritel says
- Weather woes, war in Ukraine may add later support to prices
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Agricultural commodities fell, offering some reprieve to rampant food inflation, as traders weigh incoming data on harvests and looming recessions in some major economies.
Wheat harvests are kicking off across the Northern Hemisphere, with analysts continuing to increase production estimates for some key growers like Russia after favorable weather. The US will give an update on its winter-wheat harvest progress later on Tuesday.