Also an important point about wheat derivatives is that they're deliverable. At the end of the day you're going have someone with bales of wheat in a warehouse

Also an important point about wheat derivatives is that they're deliverable. At the end of the day you're going have someone with bales of wheat in a warehouse they have to sell at profit to the derivative price. So a high derivative price can only be supported if people are paying the higher price for the underlying product in the end.