Wheat doesn’t strike me as hugely inelastic. There are lots of alternatives. Sure, bread makers might pay double for wheat, but won’t a consumer just switch to

Wheat doesn’t strike me as hugely inelastic. There are lots of alternatives. Sure, bread makers might pay double for wheat, but won’t a consumer just switch to potato bread or go for rice or mashed potatoes instead ? Ultimately the end consumer feeds the consumption engine, and they’re price sensitive especially when there are tons of alternatives.