Do you have any data to suggest that modern monetary theory is a more important factor here?
Edit: maybe that's not what you're suggesting, anyway, still curious.
https://www.world-grain.com/articles/13660-usda-eu-grain-out...
That’s seems like they are removing land from production unless I understand that wrong.
> The European Union’s grain output in 2020-21 is forecast to decline by 3% over the previous year due to extremely challenging planting conditions
My understanding is that they cannot plant due to the weather conditions.
I'm not surprised wheat is touched too.
My only gripe is that prices usually don't come down when the original problem causing the spike went away (say one or two years after). I'd like to understand why but feel it's one of these questions I'm not going to like the answer...