Surging corn and soybean prices and a surprising supply outlook from the U.S. Department of Agriculture boosted fertilizer stocks on Wednesday, with shares of industry leaders CF Industries and Mosaic setting multiyear highs.

The rally comes as global food supply is barely able to meet demand, prompting a need for more fertilizer to boost production.

The USDA said America's stockpiles of corn and soybeans will be drawn down to surprisingly thin levels this year. That means more acres will need to be planted in coming seasons to make up for the deficit.

After the report corn futures rose 4% in afternoon trading on the Chicago Board of Trade, while soybean futures gained 4.6%. Both commodities touched 30-month highs during the session.

The USDA report and high crop prices, in turn, lifted shares of companies that produce the nitrogen, phosphate and potash fertilizers so crucial to modern farming operations.

Shares of CF were up 5.1% at $142.01, while shares of Mosaic rose 3.9% to $79.12. The last time both stocks were at these levels was October and August 2008, respectively, just as Lehman Brothers' bankruptcy sent the global economy into a tailspin.

Shares of Potash Corp were up 2% at $167.57, shares of Intrepid Potash rose 4.9% to $37.64, and shares of Agrium were up 2.5% at $93.20.