Rising food prices could hit consumers at the grocery store

Prices for many food staples could rise over the coming months, as inclement weather hits major growing regions in South America.

Analysts and traders have increasingly bet that agricultural prices will continue to rise, as droughts in South America have hurt farmers' yields on corn, soybean and sugar crops. Bloomberg reports that the drought conditions are fueling the prices of many commodities.

Speculators are also contributing to the uptick in food prices, as such investors increasingly bet prices will continue their ascent. Bloomberg reports that hedge funds and other speculators have been the most bullish on commodities since September. Food companies have already had to contend with mounting commodity prices over the past few years, with firms employing business cost reduction campaigns and overhauling supply chain management in an effort to offset surging costs.

"Weather and the perception of damages to supply" have coalesced to drive prices higher, Man Investments USA emerging markets head Osvaldo Canavosio told Bloomberg. "There's been a continuing pattern of the rest of the world outside the U.S. being an important driver of supply-and-demand dynamics," he added.

On the Chicago Board of Trade on Monday, corn futures for May delivery climbed 0.88 percent to settle at $6.60 per bushel.