Problem 7 {Wheat}: Heavy rain in Midwest deiayed the harvesting of wheat in June, and wheat prices rose sharply to a six-month high. Wheat futures for July 2015 delivery rose approximately 6% to $6.1475 a bushel, the highest settlement price since last December. 1) Explain the increase in wheat prices with demand and supply curves. How did the rain affect the supply of wheat? Show the impact in the graph. (4 points)