At the risk of harping, I think it is more likely that you will see empty shelves at the grocery store, empty warehouses at the wholesalers, empty warehouses at the food processors, and empty bins at the farms.
Right now, all of us could invest all of our savings, retirement funds and every cent we could barrow into commodities market and it would not generate the actual physical work required to produce the requisite amount of food people are going to need to eat. Food is a long term investment, and markets have become short-term crap games. And the money invested in the commodity markets is not available for the actual production, storage, processing and distribution of actual food. Most of the actual dollars invested in food go to marketing (duh), research, and genetics. That hardly takes care of the soil, the seed stocks, the seeding, the haresting and so on down the line until it lands on your tabble.
Financing for actual food getting to your table, has in the past number of years dried up. Banks do not do it. And the multinationals want to provide marketing (buy what is produced) and buy the land, and lease it back to the producer who is still stuck with the equipment, imput, labour and storage costs (out of proceeds for the land).
I doubt there will be serious inflation in food prices, the system is far fractionalized and the profit takers are shaving all the way down the line. What is more likely is that primarily urban consummers will see increasing prices but at cronically marginal rates until there isn't any.
