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The $ value changes nothing for wheat 02/03/2011 @ 11:16pm The first priority of a country in the position of Egypt is to make sure plenty of food is on the streets. As stated, the US is basically one of the few options for quality wheat. Most developing countries who import wheat will import it at no matter the price in order to maintain civil order as best they can. We've been through this before. The rioting in Egypt is mainly political at this point. The last time they had serious riots it was over the price rises of subsidized food bread. In these situations demand for food grain is not elastic. It's a basic requirement for political and social stability. Many other economic priorities will be sacrificed before wheat.

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The 'A' List: Month's End Markets, Grain Storage, and Farm Policy
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