(Bloomberg) -- Corn extended gains above $6 a bushel and soy topped $15, setting fresh mulityear highs, as China’s rampant demand and adverse weather threaten to further tighten supply.Wheat has also rallied this month, adding to worries about global food-price inflation as consumers still contend with the coronavirus pandemic. Brazil’s second-corn crop is suffering from drought and U.S. planting has been slowed by a record cold snap. The freeze there may also have damaged some winter wheat, and western Europe lacks moisture for early growth of the grain.The weather concerns in major growers come amid signs of continued strong demand, particularly in China. The U.S. expects the Asian country, the top corn importer, to buy even more of the feed grain on world markets this season as it ships in some 28 million tons. There’s also robust demand for vegetable oils in biofuel, CHS Hedging said in a note.It “feels like there is no stopping the grain markets these days,” CHS said.Corn futures rose as much as 1.9% to $6.1775 a bushel in Chicago, climbing to the highest since May 2013. Soybeans reached $15.045 a bushel, the highest since 2014, and wheat rose to a two-month high.Investors have been piling into agricultural commodities as tight global stockpiles mean unfavorable weather during the Northern Hemisphere summer could cause prices to further rally. Money managers raised net-bullish bets on corn to a 10-year high as of April 13.Edible oils have also been caught up in the buying spree. Soybean oil is at the highest since 2012 and palm oil hit the highest in a month. In China, soybean-oil inventories are at record lows, while palm oil stockpiles are down 30% from a year earlier, according to Darin Friedrichs, an analyst at StoneX in Shanghai.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.