Global grain prices may spike

The Food and Agriculture Organization (FAO) predicts the prices of wheat, corn and other grains could increase substantially. The United Nations' food agency is also concerned about current weather trends.

This comes after the group's food price index hit a record high in December. FAO's economist, Abdolreza Abbassian, said in an interview with Reuters today, "We are concerned, the real reason for concern is the unpredictability."

He noted that there remains room for prices to "go up much higher" if certain weather conditions continue. For example, if Argentina's dry conditions become a drought and if problems with winterkill, when cold attacks plants seeded for harvesting the next year, happen in the northern hemisphere for the wheat crops.