When it comes to the weather, crops just can’t seem to win, but exchange traded funds (ETFs) do.

If you’re hungry, the flooding in the Midwest is probably just making a bad situation worse. But if you’re holding an ETF that tracks futures, such as the PowerShares DB Agriculture (DBA), you’re loving the continued hot streak. Year-to-date, the fund is up 23.2%.

Corn futures have hit yet another record, rising 3% after flooding wreaked havoc across the Midwest, Miyoung Kim for Reuters reports. Much of the world’s food is grown there, and now is not a particularly good time for torrential rains and flooding, as we’re already in the midst of a global food crisis.

The U.S. Department of Agriculture has already chopped 5 bushels per acre of this year’s corn production.

We suggest you start thinking about alternative side dishes when you’re grilling out this summer.

On the other side of the world, Australia’s main eastern agricultural state of New South Wales is now 60% in drought, says Michael Byrnes for Reuters. The estimated wheat crop has been slashed as a result.

• PowerShares DB Agriculture (DBA): holds futures for corn, wheat, soybeans and sugar
• ELEMENTS Rogers International Commodity Agriculture ETN (RJA): up 10.4% year-to-date; seeks to replicate an index of agricultural commodity futures contracts, including soybeans, corn, oats, rice and wheat.
• E-TRACS UBS Bloomberg CMCI Agriculture Index ETN (UAG): up 8.7% since April 4 inception; seeks to replicate an index that represents the value of a range of agricultural commodity futures contracts, among them wheat, corn and soybeans.

In another commodities news, oil keeps on chugging past new highs. Today, it’s within spitting distance of $140 a barrel, John Wilen for the Associated Press reports. That’s despite Saudi Arabia’s recent promise that it was going to step up production.

Gas also hit a new record, up to $4.08 a gallon.

Naturally, oil and gas ETFs are responding well to these developments:

• United States Oil (USO): up 44.1% year-to-date
• United States Gasoline (UGA): up 29.4% since Feb. 28 inception
• PowerShares DB Oil (DBO): up 45.7% year-to-date

Tags | Agriculture, Australia, Corn, DBA, Energy, ETNs, Gas, Natural Gas, Oil, UNG, USO, Wheat