Bingo!

Well, I think I was right about the corn subsidies screwing things up. The latest copy of the Yemen Observer has a representative of some trade group defending the rise in wheat prices. He mentions that the EU, Russia, and Australia had lower than expected harvests, but he says that the corn subsidies caused a decline in the US production of wheat. I know this isn’t “proof,” but I think that it shows corroboration of my theory. The representative expects the market to correct itself early next year, but until then, we’re going to have to live with higher wheat prices…