Rice futures surged Thursday on worries that devastation to Myanmar’s rice-growing heartland could lead to widespread shortages, worsening the global food crisis.

Other commodities traded mostly higher, with corn futures rising to a record and gold also gaining. Crude oil retreated.

A devastating Cyclone Nargis hit Myanmar on Saturday, wiping out areas that produce 65 percent of the Southeast Asian country’s rice, according to estimates of the Rome-based U.N. Food and Agriculture Organization.

Myanmar was forecast to export 400,000 tons of rice this year, the U.S. Department of Agriculture said in a report released last month. However, observers warn the country may now have to import rice to feed its population, a move that could strain global supplies and worsen food shortages that have sent food prices soaring and sparked riots in poor countries around the globe.

“That would be shocking to the market,” said Milo Hamilton, president of Firstgrain.com. “If Myanmar starts importing rice it would be unprecedented. It would be like the United States importing corn.”

Rice futures for July delivery surged the maximum-allowed limit Thursday, rising 75 cents to $22.35 per 100 pounds on the Chicago Board of Trade. The contract rose to an all-time high of $25.07 on April 24.

Myanmar was once the world’s biggest rice producer but has seen exports dwindle over the past four decades due to decaying irrigation canals, rice storage units and other infrastructure. Though the country’s exports account for less than 2 percent of the world rice trade, analysts say any production shortfall has a magnified impact in today’s increasingly volatile commodities markets.

“It’s not a lot of rice, but the fact that it is having such an impact on prices shows you how tight the market is,” Hamilton said. “The promise this year was that (Myanmar) would help fill the gap so it’s an enormous disappointment to people looking to import rice.”

Other agriculture commodities traded broadly higher, with corn futures jumping to a new record on concerns that wet weather in the U.S. Midwest will force farmers to further delay planting.

Corn for July delivery added 14 cents to $6.27 a bushel on the Chicago Board of Trade, after earlier rising as high as $6.34 _ a new all-time high.

July wheat futures jumped 13.5 cents to $8.21 a bushel on the CBOT, while July soybeans fell 2 cents to $13.07 a bushel.

In energy futures, crude oil fell Thursday as investors cashed in profits from the previous day’s rally to a new record near $124 a barrel.

Light, sweet crude for June delivery fell 87 cents to $122.66 a barrel on the New York Mercantile Exchange. The contract rose to a record $123.93 on Wednesday.

Other energy futures rose. June gasoline futures edged 0.38 cent higher to $3.122 a gallon while June heating oil futures rose 4.07 cents to $3.488 a gallon.

In precious metals, gold futures jumped more than $10 after the dollar weakened, encouraging safe-haven buying.

Gold for June delivery rose $10.90 to settle at $882.10 an ounce on the Nymex.

Other precious metals traded mixed. July silver rose 17.5 cents to settle at $16.87 an ounce, while July copper fell 4.65 cents to $3.7875 a pound.