The next step would be to tighten meat consumption to further improve the amount of wheat available to feed humans and outright ban Brazilian meat imports when we're at it to stop further devastation of the Amazon rain forest.
And the final step would be to sanction China to hell and beyond for their hoarding [2] which was a major price driver even before the Russians invaded. One might be inclined to believe China fully knew what was about to go down and decided to profiteer.
[1] https://www.euractiv.com/section/biofuels/news/biofuels-impa...
[2] https://asia.nikkei.com/Spotlight/Datawatch/China-hoards-ove...