This study examines the price level and volatility interaction between international staple food and cash crop futures price indices. Understanding the relationship between these commodities bears significant implication for net food importing developing countries that depend on cash crop to finance food import bills. We use a wavelet analysis to decompose and denoise the price indices and then apply a BEKK-MGARCH approach to analyze the relationship across time-frequency domains. Results indicate the level of correlation and volatility linkages are strongest at lower frequencies (i.e. longer run), with markets adjusting quickly to volatility shocks after a high initial impact. Acknowledgement :