"My own view is that tightening now, raising interest rates, tightening credit, restricting money further, is exactly the wrong thing to do," Dean Kleckner, president of the American Farm Bureau Federation, said.

If the Fed hikes interest rates, that will "put even more pressure on worldwide commodity prices at a time when they can't stand much more," Kleckner said.

Earlier this week, Kleckner told a meeting of the World Agricultural Forum in St. Louis that he believed only Federal Reserve Chairman Alan Greenspan could reverse a severe slump in worldwide commodity prices.