Farmer Roger Hadley harvests corn from his fields in his John Deere combine in this aerial photograph taken over Woodburn, Indiana.

Bing Guan | Reuters

Corn futures continued their sharp climb on Monday, hitting their highest level in more than seven years and and triggering a pause in trading at the Chicago Board of Trade.

The futures contracts traded at more than $6.50 per bushel early Monday, up more than $1 per bushel since late March. The price spike has come as harsh weather in the Upper Midwest has raised concerns about corn supply amid a broader rise for commodities prices.

“With drought conditions in North and South Dakota continuing to worsen there is added risk to the 2021 planting season which could pressure supply in an already tight marketplace … The two states account for a majority of the nation’s wheat production, and ~7.5% of corn production, and ~10% of soybeans,” Jefferies said in a note to clients earlier this month.

Corn’s jump comes amid a broader surge in commodities prices, with wheat futures also hitting their highest level since 2013 on Monday. Lumber futures have also soared in recent weeks.

“The price surge and the already high price level, especially in the case of corn, also reflect the nervousness in view of the current tightness on the markets, which is expected to be repeated in 2021/22,” Commerzbank said in a note to clients last week.

The CME Group has price limits for different products, including equities and commodities futures, to manage intraday volatility. When a product rises or falls to a pre-set level, as corn futures appeared to on Monday, the exchange can temporarily halt trading.

Corn futures were last up about 3% on Monday.

Rising commodities prices are also likely to stoke fears about potential inflation. The chief financial officer of General Mills said during the company’s March earnings call that the food products company planned to raise prices to offset higher input costs.

Economists at the Federal Reserve and the Biden administration have said that a short-term rise in inflation is expected in the coming months due to several factors, including low demand caused by Covid-19 last year and consumer spending fueled by federal stimulus. However, the price increases may prove to be transitory and inflation could normalize once the initial jolt of the reopening has passed.

The sharp rise in prices does not necessarily mean that a corn shortage is imminent. According to the U.S. Department of Agriculture, the amount of corn planted through April 18 was roughly equal to the average over the past five years.

A beneficiary of rising prices for corn and other products could be agricultural companies like Archer-Daniels-Midland. The company’s stock has jumped nearly 20% since the end of January, and Bank of America gave the stock a buy rating on Wednesday citing “a renewed Ag cycle that is expected to last a few years and potentially much longer.”

-CNBC’s Michael Bloom contributed to this report.

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