"The markets are very, very tight, " said Joseph Glauber, the USDA's chief economist.

WSJ: Grain Prices Soar as U.S. Slashes Outlook

At the event, USDA chief economist Joseph Glauber warned of record farm prices for corn, wheat, and soyabeans for 2011, and resulting US food inflation of at least 4% this year and next as prices work their way through the supply chain.

FORBES: High Commodity Food-Price Decade Challenges All Global Managers