A U.S. Agriculture Department report also noted food prices are surging and inventories throughout the world are slimming down. Droughts are parching Russia, the Ukraine and Europe and snow in the U.S. and Canada also are cutting into supplies as the global economy claws back from a deep recession.
"There is not one crop you can point to that is without supply problems," Steve Nicholson, a commodity procurement specialist at International Food Products Corp. in St. Louis, told the news service. "Production is not keeping up with demand, exacerbating the global food crisis."
Shortly after 2 p.m. on Wednesday, corn futures were up 3.78 percent, a 0.255 cent increase to $6.9925 per bushel. Wheat futures were up 1.52 percent, a 1.325 cent increase to $8.875 per bushel. Soybean futures were up 1.41 percent, a 2.025 cent increase to $14.545 per bushel.
Corn struck its record high of $7.9925 per bushel on June 27, 2008. Soybeans notched its record high of $16.3675 per bushel on July 3, 2008. And wheat struck its top price of $13.495 per bushel on February 27, 2008.