However, predictions are for a rebound in wheat production from last year's low global output, which has some growers wondering if prices could collapse from large harvests.

Mike Yost, of the United States Department of Agriculture's Farm and Agricultural Service, says he's not worried because even if crops come in big he doesn't foresee a collapse in wheat prices.

"I would expect that if we do have good crops in the Northern Hemisphere that we'll see easing of prices," Mr Yost says.

"But we're also going to see a lot of these countries wanting to develop more of a strategic reserve, so I think there will be considerable buying particularly if prices moderate."

Mr Yost also says the low beginning wheat stocks should help keep a good floor under wheat prices.