COMMODITIES-Corn hits record high, oil above $132

TOKYO, June 11 (Reuters) - U.S. corn futures spiked to a record high on Wednesday as a trimmed U.S. yield forecast for this year fanned fears that there would not be enough of the grain, which is in strong demand for food, feed and ethanol fuel.

Oil rose to above $132 a barrel ahead of U.S. oil inventory data, erasing some of the $7 fall in the previous two sessions that followed a rebound in the U.S. dollar.

The strength of the U.S. currency combined with easier crude oil to take some of the sheen off gold, a metal valued as an inflation hedge and alternative investment.

Strong warnings about inflation risks from U.S. Federal Reserve Chairman Ben Bernanke and other Fed officials boosted expectations that U.S. interest rates would rise this year, pushing up the dollar.

Soaring prices for a range of commodities, from metals to grains and crude oil, many of which have hit record highs this year, have triggered concern as they strain households budgets.

U.S. regulators have said they will look into why prices have risen so sharply this year, in part blamed on speculation.

The Commodity Futures Trading Commission (CFTC) said an interagency panel, including the Federal Reserve and the Treasury Department, will assess price increases and trading in a range of commodities. [ID:nN10327368]

"The bottom line is, we need to investigate, in a comprehensive and probing manner, what is happening in these markets before making a rush to judgement about what is or what is not causing these unusual price movements," said Bart Chilton.

Chilton, a Democrat and member of the CFTC, was speaking at a meeting of the agency's energy markets advisory panel.