"Mexicans feel the pain of record corn prices every day when they buy a staple of the national diet, the corn tortilla. Tortilla inflation has been severe enough to send citizens to the streets in protest. ... While corn farmers elsewhere welcome the surging prices, Mexican farmers are absorbing higher costs to feed corn to cattle, hogs and chickens. That means higher prices for milk, eggs and meat. ... 'The days of cheap food have ended,' said Juan Antonio Pedroza, president of a trade association of Mexican food producers. 'The social impact will be tremendous'," Houston Chronicle, 20 April 2008.
I agree with Lewis. I don't expect to see grain costs drop for years.