We’ve been so caught up watching stocks soar we haven’t paid much attention to one of our favorite asset classes: commodities.

While the mainstream media has been focused on the run-up in equities, one overlooked sector has turned “red hot,” according to Justice Litle in Taipan Daily. Justice is talking about the grain markets – foodstuffs like corn, wheat, soy and sugar.

Paola Pecora asks: “The inevitable moment arrived: higher inflation in Brazil continues rising dangerously, although it remains within the inflationary goals for the year… what can Brazil do regarding this matter?”

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.

Last week I promised that I’d go over some promising sectors in the green market. But the past two articles on the topic generated some important feedback that I’d like to go over with you today.

Welcome to another action-packed Monday. The weekend went by fast, no? All in all, it looks like a good week to be long the financials for a quick trade. Though by “quick trade,” I really mean a lightning-quick trade. The kind that works best for trigger-fingered scalpers who like catching moves that threaten to finish before they start.

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.

Major spikes in rice prices and other staples have kicked off food riots in Yemen and Morocco and hoarding in Hong Kong, reports The Washington Post.

As a result of the price hikes Egypt, Cambodia, India and Vietnam have restricted export restricted the export of rice.

The commodities boom took a serious knock today following a report from the US Agricultural Department.

The report revealed that farmers expect to plant 18% more soybeans and 5.5% more wheat this year.

According to BusinessWeek, “soybeans for May delivery dropped 70 cents to $11.9725 a bushel on the Chicago Board of Trade, its lowest level in three months. Wheat fell to a two-month low, losing 60 cents to $9.29 a bushel on the CBOT.”