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Wheat prices hit a record $10 a bushel Monday as traders worried about tight world supplies and the United Nations called for urgent steps to aid poor nations that are being pummeled by shrinking food stockpiles and historic cost run-ups.

Wheat futures contracts for March delivery surged above $10.09 per bushel in trading in Chicago, before closing at $9.66 - about double the price of a year ago. Grain prices have soared in recent months, with corn at $4.39 a bushel, compared with about $3 in 2006, and soybeans at more than 30-year highs. Dairy and rice prices have also jumped.

Wheat prices are jumping for a number of reasons, including bad weather in such exporting nations as Australia. Demand is rising in rapidly developing economies such as India and China. The picture is further complicated by the fact that a growing share of U.S. cropland is being devoted to corn for ethanol.

Though there are a number of factors, "All of these markets are moving higher based on the growth in biofuels, which is made economical due to the high prices for energy," says David Lehman, director of commodity research and product development for the CME Group, which owns the Chicago Board of Trade.

"While corn is the commodity that's used directly, corn, wheat and soybeans all compete to some degree for the same acreage," Lehman says. He notes that current prices are not the highest in inflation-adjusted terms.

The Agriculture Department recently forecast that U.S. wheat stocks this year would fall to a six-decade low. World grain stocks are the tightest in three decades. Consumers have felt the price run-up. Retail food prices have risen at a 5.3% annual rate so far this year, compared with 2.1% for all of 2006.

Tom Jackson, senior economist at economic forecasting firm Global Insight notes some millers are having a hard time finding wheat supplies, let alone worrying about cost.

"When you're talking about the price increases that you're seeing for flour and other kinds of inputs, it's definitely being passed along," Jackson says.

U.S. consumers spend about 10% of after-tax income on average on food. The price rise hurts more in nations where food is a bigger share of family budgets. There have been food riots in some countries.

The U.N. Food and Agriculture Organization on Monday urged the international community to provide more seed, fertilizer and other materials to farmers in less-developed nations. The FAO food price index is up about 40% this year, compared with 9% for 2006.

"Without support for poor farmers and their families in the hardest-hit countries, they will not be able to cope," FAO Director-General Jacques Diouf said in a statement, released by the Rome-based group.

Wheat prices crossing the $10 a bushel threshold won't immediately translate into a spike in retail prices for bread, cereal, cookies and other products, experts say. That's partly because companies like Kellogg k, General Mills gis, ConAgra Foods cag and Kraft Foods kft typically protect themselves from price volatility with long-term supply contracts. But analysts say consumers should expect that higher wheat prices will eventually work their way into the grocery aisle.

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Wheat hits record as global demand depletes supply

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Wheat prices hit a record $10 a bushel Monday as traders worried about tight world supplies and the United Nations called for urgent steps to aid poor nations that are being pummeled by shrinking food stockpiles and historic cost run-ups.Wheat futures contracts for March delivery surged above $10.09...

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Change in prices for beef.

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http://www.cnn.com/2012/11/29/business/global-helium-shortage/index.html

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Your Starbucks habit could soon cost you more.

The coffee chain is planning to increase the price on select drinks on July 12. Some prices could go up by as much as 30 cents.

The announcement of the price hike came last week after some customers were charged the higher prices by mistake.

Starbucks still won't comment on which drinks are getting more expensive, but said the increase would impact "select beverages."

The company is telling customers who were charged the higher prices to call its customer service hotline to remedy the mistake.

Related: This is America's favorite fast food restaurant

Starbucks raised its prices by 5 to 20 cents for some of its drinks in July 2015. That increase mostly impacted hot beverages.

The Seattle-based company has increased prices every summer since 2013.

The company received some heat for changing its rewards program in April. Starbucks Rewards are now based on how much customers spend instead of how frequently they make a purchase.

In April, Starbucks announced its global sales increased 6% for the first three months of 2016, and posted a revenue of nearly $5 billion.

CNNMoney (New York) First published July 7, 2016: 10:49 AM ET

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The coffee chain is planning to increase the price on select drinks on July 12. Some prices could go up by as much as 30 cents. The announcement of the price hike came last week after some customers were charged the higher prices by mistake.

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Oil Prices Rise as Global Stock Markets Surge

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Oil prices rose for a second session Monday as the dollar weakened and stocks soared on growing expectations that the U.K. is likely to remain in the European Union after this week's referendum.