NEW YORK - Corn prices on Wednesday surged above $7 a bushel for the first time, pushed higher by Midwest rains that have flooded fields and left farmers with the prospect of a significantly smaller crop.

Corn's jump - its fifth record in as many days - means more headaches for consumers, who can expect higher beef, pork and chicken prices as livestock owners are forced to thin their herds and flocks to cope with higher costs for corn-based animal feed.

Heavy rain and flooding in Iowa, Indiana, Wisconsin and other Midwestern states have drenched corn fields and severely delayed spring planting. More bad weather is expected over the next several days, meaning farmers may have to abandon planting or shift the acres to soybeans, which have a later growing cycle.

"If we don't get better weather, corn prices could explode higher," said Vic Lespinasse of Grainanalyst.com. "Some areas need to be replanted but the problem is that it's too late to replant because the corn will be pollinating during the hottest period of the year."

Concerns about more Midwest flooding pushed corn prices to a record $7.0325 a bushel for the July contract traded on the Chicago Board of Trade, or CBOT, up 30 cents. It was the first time corn crossed the $7 threshold. Prices closed at $6.7325 on Tuesday.

"If things dry out it may help get rid of some of this bullish fervor in the futures markets, but I don't think it's going to help yields," said Elaine Kub, grains analyst with DTN in Omaha.

Flooding has also pushed soybean prices to record levels. Soybeans for July delivery rose 70 cents to settle at $15.165 a bushel on the CBOT, not far from the all-time high of $15.96 a bushel.

The higher prices come amid spiking international commodity prices that have sent food costs rocketing and touched off riots in Haiti, Senegal, Egypt and other poor countries.

Corn prices have shot up 83 percent in the last year amid rocketing energy prices and surging global demand to make biofuel and feed livestock. But the unseasonably wet spring has been the biggest factor lately, pushing prices up 17 percent in the last month alone.

The bad weather prompted the U.S. Department of Agriculture to lower its corn output forecast. U.S. corn production is expected to reach 11.7 billion bushels this year, a 10 percent drop from last year's crop, the USDA said in a report Tuesday. It also reduced its yield forecast to 148.9 bushels per acre, down from 153.9 bushels per acre forecast in May.