Summary Box: Wheat surges on weather concerns:
"Wheat prices surged as flooding in Australia and dry, cold weather in the U.S. and China caused concerns about the global supply. Wheat is coming off a year in which poor weather hurt crops in several countries, particularly Russia."
This is complete and total bullshit. Wheat, and many other commodities, are and have been surging because a shitload of money needs a place to go that is relatively unregulated and the commodities markets fit that bill. But you will never hear the word "speculation" mentioned in any mainstream news reports purporting to explain price changes in commodities.