The larger and more important issue is whether this year's bad crop yield is an omen of what we should expect going forward.

CNN: Extreme heat and droughts -- a recipe for world food woes

"Given that global and U.S. grain inventories remain very tight, grain prices will continue to reflect growing conditions and yield potential for both U.S. and global crop production, " Agrium said, citing a June report from the U.S. Department of Agriculture, which anticipates global grain and oilseed stockpiles to scrape 35-year lows through 2009.

FORBES: Agrium Cropping Up A Strong Year