As I said last year, the saying actually goes "knee high by the 4th of July," referencing corn and its temporally desirable height, historically the harbinger of a good harvest.
What a difference a year can make. Evidently last spring was wet and chilly, which I'd somehow forgotten, perhaps driven mad from our record heat wave. As WBEZ's business reporter Scott Kanowsky reports, Illinois corn farmers and commodities investors fear the effects of the Midwest drought and heat. He tweeted further, "Trading on corn futures at CBOT continues to go up and up — to $7 a bushel. Today's Chicago weather forecast: 101 degrees."
Which all means world food prices may or may not go up.