Wheat is a strategically important commodity because it is a staple food for a large portion of the world’s population. It is the fourth most-produced cereal crop globally, after corn, rice, and barley, and it is a major source of calories and protein for people in many countries. The demand for wheat is relatively inelastic, which means that changes in price do not significantly affect the quantity of wheat that is consumed. This makes it an important crop for farmers and a reliable source of revenue for countries that export it. Additionally, wheat is a key input for many processed foods and is used in a wide range of industrial and non-food products. Its role as important source of food, income, and other uses make it significant from strategic perspective.
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