Commodity prices are bracing for their worst month in 52 years as global demand continues to slide. The Reuters/Jefferies CRB Index - a measure of 19 global commodities from light crude to lean hogs - fell 24% in October, Bloomberg reports.

Corn prices surged to a record high today following flooding the Midwest.

Reuters reports that “front month July corn on the Chicago Board of Trade rose to a contract high of $7.57-3/4 a bushel, up more than 3.5 percent from Friday’s close, while July 2009 soared to an all-time peak of $8.07.”

Get ready to pay through the nose for food, says Brian Hunt in DailyWealth:

The states of Iowa and Illinois are the world capitals of corn production. Over 27 million acres there are devoted to growing corn.

Flooding in the Midwest and fears of crop damage caused corn prices to climb in Chicago for the eighth consecutive day — their biggest gain in 11 weeks. Prices are expected to hit $8 a bushel by next week.

“Corn is in trouble because of the wet spring that has drenched the midwest,” says Justice Litle in Taipan Daily.

Yesterday, the USDA said in a report that American corn output will be down significantly from last year’s estimate.

Corn is in trouble because of the wet spring that has drenched the Midwest. Yesterday, the USDA said in a report that American corn output will be down significantly from last year’s estimate.

A Better Beige Book; Japan’s Daiichi Swipes Generic Drug Titan; Big Lots “Highly Motivated” to Expand; Corn Hits Another Record; Caterpillar Raises Dividend 17%; Russian Partners to Sue BP; Martha Loses CEO; Office Supply Merger.