The world economy is worrying that global food prices have soared soy and corn with new heights

China Economic Net, Beijing, September 28 (He Qing) Uncertainty about the recovery of the world economy coupled with worries about flooding in the United States and low temperatures in China may lead to production cuts, world food prices rose sharply on Monday. Corn futures prices on the Chicago Mercantile Exchange hit a two-year high and soybean futures hit a 15-month high.

The price of corn futures for delivery in December reached an intraday high of $5.2875 per bushel (bushel was a unit of measure, equivalent to 35.238 kg in the United States with a bushel), setting a new high since September 29, 2008.

Soybean futures for November delivery closed at US$11.33 per bushel, up 0.6% from the closing price of the previous trading day. The futures contract was once touched at US$11.44 per bushel, as of June 5, 2009. Since the new high.

The floods in the Midwestern United States have been the main cause of pushing up corn prices. Futures brokerage company Telvent DTN Inc. reported that due to the floods, the western corn producing areas delayed harvesting. In addition, the cold weather in northern China has also aggravated investor concerns over the tight supply of corn. According to weather forecast data, frost may occur in northeast China's main corn producing areas in advance, which will delay the maturation of soybeans and corn. The United States is currently the world’s largest exporter of corn and soybeans.

Tetsu Emori, an analyst at Astmax Co. Ltd., a Tokyo futures brokerage company, said in a telephone interview with Bloomberg: “Global investors are now very sensitive to changes in the food market.” He said: “Any sign of trouble may have an effect on the market. He added: "Many hedge funds have already bet on the rise in food prices, and the massive involvement of speculative funds will fuel the situation."