By Jason Simpkins Associate Editor Flooding in the Midwest has devastated much of the region’s corn crop, and caused prices to skyrocket. However, major rice and wheat producers are expected to have bumper crops this year, offering some hope that food prices could soon recede. The price of corn for July delivery jumped Monday to an all-time high of $7.60 a bushel on the Chicago Board of Trade. It was the eighth straight day of trading in which the price hit a record high. The price has already shot up 71% this year, boosting food prices worldwide and fueling what is fast becoming a global inflation epidemic. Fortunately, there are signs that the price of rice and wheat could recede sharply in coming months and relieve some of the inflationary pressure. In fact, the price of wheat is already on the way down ...