Crop prices poised for record, signaling further food price pain

From morning coffee to dinnertime roasts, prices for major food staples are on the rise.

The Bloomberg Agriculture Spot Subindex, which tracks nine agricultural commodities, is nearing an all-time high. Prices across grains, oilseed and softs markets have rallied as supply shortfalls abound, a signal that food inflation already hitting consumers worldwide is unlikely to let up soon.

This year “will be a very odd year,” Peder Tuborgh, chief executive of Denmark-based dairy Arla Foods, said Thursday in a press conference. “Demand has to cool off. You cannot eat or drink something that is not available, and only