After weeks of volatility on international wheat markets, prices of the grain appear to have settled down but remain relatively high.

While they are not at an all-time high — grain on the international commodities markets was selling for more than $12 US a bushel in February — prices are more than double compared to two years ago.

Wheat prices in Chicago were above $9 US a bushel last week. Two years ago, they were about $3.60 US.

Canadian Wheat Board market analysts are predicting prices will remain high for at least another year.

In some cases, even those who decided not to grow wheat this year have been able to cash in.

Farmer Neal Hardy didn't plant any wheat on his farm near Hudson Bay after having poor luck with the crop in recent years.

Fortunately, Hardy still had some feed wheat in his bins — although it was wheat that had suffered frost damage in 2004.

He held onto it because prices were so low at the time, he wouldn't have been able to cover his costs. This spring, it was a completely different situation.

"I just sold it a little bit ago," Hardy said. "I sold it to a feed mill and I got $7 a bushel."

If wheat prices have softened since early spring, flooding in the U.S. Midwest could boost them again.

Economists say rising prices of one grain can cause the increase of the price of another grain. When people substitute a cheaper grain for a higher-priced one, the increase in demand starts to push up the price.

David Boyes, a market analyst with the Canadian Wheat Board, notes that flooding in the Midwest has devastated the corn crop, with implications for wheat.

"As you have seen in the news, they have had anything but ideal conditions," he said. "Prices are at record levels for U.S. corn and that is providing a lot of support for the wheat market right now."

Even though a record amount of wheat has been planted this year, prices will remain high for another 12 months at least, Boyes said.