Panic over commodity shortages continues to emerge as the dominant factor in the global markets, with both end user and speculative buyers of corn, soybean, cotton, rice and a host of other commodities taking note of what’s happening with the wheat shortcomings. Commodity markets are now seen as the main factor behind price rises. But rising fuel prices, Chinese demands and a lack of infrastructure to deal with extreme weather in countries such as Bangladesh and Australia have also played their part.

Farmers and food executives have appealed fruitlessly to federal officials for regulatory steps to limit speculative buying that is helping to drive food prices higher.  "Casino capitalism has taken a seat at the table of the poor" said EU Socialist Group leader Martin Schulz yesterday, "this is immorality carried to the extreme. This is why we need international controls on financial markets."

Meanwhile, some Americans are stocking up on staples such as rice, flour and oil in anticipation of high prices and shortages spreading from overseas.