Wheat prices soared to a record on futures markets Thursday, propelled by tight world supplies and strong demand. Relief could be awhile in coming. Wheat for December delivery closed at $9.33 a bushel in Chicago, more then double the price from a year ago. Drought in Australia and poor crops in other nations helped drive US and world supplies to the lowest levels in decades. The wheat production problems are exceptional. You don't usually have bad weather in as many different places around the world at the same time. Major wheat producers Russia and Ukraine faces export restrictions. In Italy consumer groups staged a mini boycott of bread and pasta to protest prices. We've placed so much demand on, feed grain to turn into fuel, we can't play catch up as quite as fast globally.
Graph the changes in the wheat market as described. Be sure to show how the change in demand and the change in supply increased the equilibrium price.
The changes in demand and the changes in supply increased the equilibrium price are depicted.