With much of the damage already done in corn crops, grains traders now have their eyes on soybeans.

“The new story is in soybeans. Soybeans could be saved with rain. But if there is no rain, prices could run further,” Gilbertie added.

The higher corn prices, a major ingredient in livestock feed, is also forcing ranchers to put young cattle to markets early and to sell more cattle to offset the rising costs, which will translate to cheap meat for the consumers, Bloomberg reports.

“Near term, there is an adequate supply of meat from all species,” Michael Martin, a spokesman for Cargill, said in the article. “As we move into 2013, the supply of beef, in particular, could be constrained by the U.S. herd being the smallest in 60 years.”

Agriculture ETFs include:

  • Teucrium Corn Fund (NYSEArca: CORN)
  • Teucrium Wheat Fund (NYSEArca: WEAT)
  • Teucrium Soybean Fund ETF (NYSEArca: SOYB)
  • PowerShares DB Agriculture Fund (NYSEArca: DBA). DBA holds a basket of commodities futures contracts, including cattle, cocoa, coffee, corn, cotton, lean hogs, soybeans, sugar and wheat.

For more information on agriculture commodities, visit our agriculture category.

Max Chen contributed to this article.