Every nation in the world besides the Swiss are in a rush to devalue their currency. Food prices aren't spiking, fiat currencies are declining in value so each unit of a Euro, Yen, $ etc buys less food. At the same-time other assets are declining in value. Housing, computers, things there is a large inventory overhang on.
What you are seeing is not speculation, what you are seeing is people who have wealth and do not what the wealth tied up in bonds that have significant inflation risk (Ben Bernake is printing money and pay 1.5% on a 10 year bond means you are going to lose on the transaction) and view the Stock Market as a significant risk fleeing to things they feel safe in. One of those things is food.
The Central Bankers of the world are trying to stop the public from coming to a realization they are in the middle of destroying their currencies and their purchasing power.