Commodities Leap the Highest in 2 Weeks; Records for Corn, Oil, Gas

After U.S. government reports confirmed supply for energy and grain can't keep up with the demand, commodities surged the most in two weeks, led by record-breaking prices for corn, oil and gasoline.

"Supplies for a lot of different commodities are dwindling as demand has gained globally," said Michael Pento, a senior market strategist at Delta Global Advisors in Huntington Beach, California, which manages about $1.5 billion. "I'm bullish on all commodities."

Crude oil leaped as high as $112.21 a barrel, while corn ended at $6.16 a bushel, as inventory fell below anticipated levels.

Setting a new record was gasoline futures as well, climbing to $2.8228 a gallon, a reflection of what it costs wholesale.