No food crisis yet as grain prices soar: U.N.

MILAN (Reuters) - World markets are not yet facing a crisis of the kind seen in 2007/08 when high food prices sparked riots in some poorer countries, although soaring grain prices fuelled by an intense U.S. drought are a cause for concern, the UN's food agency said.

U.S. corn prices have surged more than 55 percent in five weeks as crops continued to wilt under the worst drought in the U.S. Midwest since 1956, stoking fears of food shortages, and little respite on prices is in prospect.