Can you say, "inflation", Mr. Bernanke? All three of the main grain products have locked limit up today, with corn striking a new all-time high price as well as a new all-time closing high, if it remains limit up through the remainder of the session. With more than 45,000 in the bid pool for corn (and 27,000+ for soybeans), this is a very strong possibility. It is extremely rare that all three grains reach limit up on the same day, and is probably symptomatic of higher food inflation for consumers at some point in the not-too-distant future.This is food inflation coming at the U.S. economy. Unfortunately, the American people will feel this inflation down the road. It now appears that poor weather in the agricultural regions of the United States have permanently reduced this year's crop forecasts, and the market is adjusting prices accordingly.
