(Bloomberg). Chicago’s Benchmark Wheat climbed to $8 per Bushel on Wednesday, amid rising inflation pressures which threaten to increase already high food prices.

Futures that are linked to different grain varieties in Europe and the U.S. also went up, with Paris-based milling wheat futures reaching an all time high and Minneapolis spring wheat at its most expensive level since April 2008. 

After poor harvests this year in many major exporting countries, top importers have been bulking up grain to meet the shortages. That’s spurred wheat’s longest streak of monthly gains since 2007. Some growers also are contending with dry weather at planting time as well as soaring fertilizer costs that risk denting next year’s harvests.

“Speculators keep talking about inflation and are buying commodities for an inflation trade,” Jack Scoville, vice president for Price Futures Group in Chicago, said in a note.

Saudi Arabia’s state buyer booked 1.3 million tons of wheat in a tender this past weekend, almost double the amount expected. Egypt, the country’s top importer, is back on the market Monday after completing its largest ever purchase.

The price of Benchmark soft-red winter wheat used for baking and cookies rose to $3.6%, or $8.005 per bushel. This is the highest level since December 2012. Benchmark soft red winter wheat used in cookies and cakes rose 3.6% to $8.005 per bushel. This was the highest price since December 2012. 

A lingering supply problem next year increases the likelihood that wheat prices will keep rising and lead to food inflation. Recent United Nations statistics show that food prices have risen tenfold in the past decade, despite harvest delays and disruptions in supply chains.

Corn futures were also affected by rising fertilizer prices and supply concerns. Chicago’s most active contract advanced for the fifth consecutive session to $5.82 per bushel. This is its highest level since mid-August. 

The price of soybeans fluctuated between losses and gains. This year, the U.S. expects its largest crop ever. The possibility of big plantings next season is possible as many farmers will likely reduce their corn production to make way for less-fertilizer-dependent beans.

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