The situation is grim for home furnishing retailers… Target, Bed Bath & Beyond, Tuesday Morning, and just about every company that supplies furniture and home accessories has been crushed.

I have a feeling we’re going to be hearing a lot more of this as the worldwide commodities boom goes on. A day after a run on rice in California prompted Costco and other chains to limit buyers to only a bag or two at a time.

Rice has now shot up 75% in the last two months alone. Corn is up 30% this year. Wheat has managed 120% gains over the past 12 months.

With staple foods racing to record high prices, the world’s poor are feeling the pinch of the global food crisis. But the effects are not limited to the third world. Costco stores in northern California are imposing limits on buying of oil, flour, and rice reported a recent article in the NY Sun.