Corn prices are forecast to rise sharply due to a poor US harvest.
The main one is that there has been a drought in the US, causing corn production to be loweer than last year (indeed the lowest for decades).
Falling production means the supply curve of wheat moves to the left compared to last year and the result is a higher price. This is made worse by two other factors:
1. World population growth means there is rising demand for food. The demand for all food products is growing, shifting the demand curve to the right and so putting upward pressure on prices.
2. The US insists that 40% of US corn is used to make ethanol for car fuel. This restricts the amount of corn available for food.
For now we will leave aside the fact that using corn to make ethanol is exceptionally inefficient and is done for political not environmental reasons.
Grecians will have no problem drawing the diagrams for this, but Deps can use it as a good exercise in understanding market prices.
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