Not necessarily. Corporations also have shareholders who make investments and expect a return. They are gamblers who sometimes lose. If the profits are less, they make less. How many people commenting here have corporate investments? I am probably one of few.
Sure, there will likely be higher consumer costs. But consumers also make purchase decisions which through competition put pressure to keep prices down.
So I think you are right. Prices for food will go up. But how much? A lot of people say "costs will rise" but they never say how much. 
And you are also right that corporations often use an external event as reason to raise prices. It seems the oil companies do this on a regular basis. When an event that may squeeze supply happens on some other side of the globe, the price at the pump goes up in a few hours even though that oil was already paid for.