Ethanol, beef, Cokes and corn flakes just got pricier

Even a week or so ago, corn and soybean futures were pushing higher due to all the Midwestern flooding. Well, now that the details of the Iowa flooding start to come in, rest assured those commodities futures will go higher yet.

owa alone is estimated to have lost between 1 million and 3 million acres of corn production. That's about 7-21 percent of the overall production by the nation's top corn producing state.

Corn futures hit a record intra-day high Monday. And, with flooding on the Mississippi still expected, I’ll bet corn futures go up at least another 5 percent by Friday.