John Person, president of National Futures.com, told CNBC’s “Power Lunch” that drought could

AP

drive grain prices to record highs this summer.

About 90 million acres – the highest since 1944 – have been planted to corn this year, driven by increased demand for ethanol. Much of the new acreage has come from soybeans and decreased supply could drive the price of soybeans higher.

“We have little room for error and a lot of room for upside prices,” Person said.

Person said investors should keep an eye on the weather because hot, dry weather will quickly translate into higher prices for grain futures.

He said wheat hit a high in May, but soggy weather during the harvest would damage the crop and drive prices still higher.

“I wouldn’t rule out that higher are in on the wheat market just yet,” Person said.

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