BBC News - World food prices at fresh high, says UN: "The recent floods in Australia, which also accounts for 11% of global exports, has compounded the problem, he said.
The price of corn has also risen, because of greater support for biofuels in the US and the increased price of oil, which makes biofuels more attractive.
Droughts in Argentina, the world's second biggest exporter of corn behind the US, have also pushed the price up, Mr Torero said.
'The situation is very tight. If we have more natural disasters, we could have a problem,' he said."