The actual wheat price is a tiny fraction of the final cost of wheat a western consumer pays. So I may buy a wheat product today that costs $8. Like a large slice of pizza. The actual cost of wheat in that pizza is like 20 cents. If the what price doubles. my pizza slice will be $8.20. Im not going to starve. I'll pay the extra 20 cents. The real cost of pizza for me is the rent the seller pays, the electricity they pay, the high cost of wages. Westerners don't actually buy big bags of flour. We dont know what do to with it. So the cost of flour/wheat is irrelevant. If things get bad we will just learn how to make our own bread.
The biggest problem here is for poor countries in Africa and Asia. A doubling of wheat prices will really hit them and thats unfortunate.
