Contrary to the Western imagination Chinese do eat wheat ~ that's what most of their noodles are made from.
There's also this "rust" making its way out of SE Africa into Sudan and the upper reaches of the Nile ~ >http://scidev.net/en/news/deadly-wheat-disease-a-threat-to-world-food-secur.html
This year, 2011, 90 some experimental stations in Egypt are trying out a newly bred variety that may beat the rust and save the world ~ again.
Rust is the eternal enemy, and the better and more nutritious we make wheat the hungrier the rust gets for it.
Losses from this rust are the rough equivalent of losing something like Kansas, and probably the red-wheat crop in Ohio and Indiana.
Yes, I am familiar with the points you made, but that doesn’t explain soybeans, corn, and more recently rice. Not to mention copper, gold, silver and almost any other commodity you care to name. All these started to go parabolic after Bernanke signalled QE in late August.