In early March, U.S. stockpiles of the grain plunged to 6.52 billion bushels, the lowest at that time of the year since 2007, according to the Agriculture Department.
"What's unique about 2011, unlike 2008, is that corn and soybeans are equally tight, cotton is tight and wheat isn't comfortable either," Hussein Allidina, head of commodity research at Morgan Stanley in New York, told the news service.
"The takeaway is that prices are not high enough to ration demand."
Shortly after noon on Thursday, corn futures were up 4.52 percent, a 0.30 cent climb to $6.9325 per bushel.
The rapid increase of food prices occurred in 2008, which prompted riots in nations including Haiti and Egypt. The higher price of food is one factor that has lead to this year's anti-government demonstrations in the Middle East and North Africa, where the leaders of Tunisia and Egypt were forced from office.
Protestors are well-entrenched in other regional nations, such as Libya, Bahrain, Syria and Yemen, among others.
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