The geopolitical significance of staple foods like wheat is difficult to overstate, as price fluctuations over the course of human history have fueled the rise and fall of regimes, political systems, and even civilizations. At the dawn of 2024, global wheat markets are still recovering from significant supply-side disruptions from the pandemic and Ukraine war. This recovery is anything but assured looking ahead, as a complex interplay of factors threaten future price volatility. These include geopolitical tensions, supply and demand dynamics, weather conditions, and macroeconomic forces.