OECD, UN see food prices falling over next decade (MarketWatch)

Maximo Torero, IFPRI’s director of the Markets, Trade, and Institutions Division, Torero told a Wall Street Journal reporter writing for MarketWatch that he’s skeptical about some of the findings from the latest OECD-FAO Agricultural Outlook. According to the report, low oil prices will lead to lower food prices over the next decade. “Oil prices are going down, but fertilizer prices are not going down in the case of Europe,” said Torero. “Using oil prices to predict future scenarios is very complex.”