Corn contract prices are at record highs.
But like any other traded commodity, there's a delay in the "pass-through" of price changes to retail customers.
USDA economist Ricky Volpe told us we will only begin to see a reckoning at the supermarket once harvesting begins in two to three months.
"When we talk about foods like corn flakes, wheat thins, coca-cola, the inputs to those products are covered by contracts," he said. "They're storable, they've already been assembled."