I think it is. Russia and Australia have had low wheat yields due to drought and floods. And with the low dollar, foreigners are coming in and buying up what we have.
The other thing that no one is discussing is the collapse of the domestic commerial honeybee population. They are dying. This year they have lost another 1/3 and the almond growers may not have enough bees to pollinate next year's crop. Also bumblebees are disappearing.