In December 1991, the United Nations (UN) warned that wheat would be scarce in the coming year, but the futures price of wheat at the time was inconsistent with a wheat shortage. It turned out that: the UN retracted its warning when the futures price of wheat began to rise. the futures price of wheat quickly adjusted to reflect the wisdom of the UN's warning. a devastating famine wiped out much of the world's wheat crop in 1992. wheat was not particularly scarce in 1992..