At least from what I can tell, food prices during shortages no longer reach the extreme highs they used to--although given that I haven't been playing 0.7 very long, it's possible that prolonged trade disruptions / embargoes may result in higher prices. On the flip side, I've noticed that food gluts can drive the price down to lows well below the prior version. I've seen 1c/unit on the Intel map but wasn't able to verify firsthand.
Smuggling is definitely an option, maybe more so than it used to be. I turned 15,000c into 40,000c in one trip shipping Drugs from one of the faction ports in Valhalla to the Umbra pirate base--bought at 234c, sold at 750c. Still feeling out the new travel map abilities, but using both of the "run silent" modes and cargo shielding prevented any rep loss with the main factions (the Pirates docked me a few points for black market dealing).