lol.
I mean, that is most definitely (one of) the publicly stated reasonings for raising prices before there's an actual shortage, I certainly wouldn't dispute that; but it's just such a load of old bollocks, for any developed country.
Same basic reason as why 'competition' in health provision is stupid- what are you going to do, opt not to have a heart attack because it costs too much, or pause it so you can find the cheapest hospital? You're not going to stop eating, they'll sell the same amount of stuff, minus some luxuries, which grain most definitely isn't. You (generally sense) just might have to forgo the annual iPhone upgrade and quit your wine club though.
Companies pretty much always make super profits during shortages and high prices, so long as their product is essential.
Classic example which is pretty much directly equivalent: oil companies. Apart from making more profit the higher the price you also find there are some quite surprising dichotomies. Strangely enough bad news means prices have to go up immediately, but if there's good news- better exchange rates, lower crude prices- then unfortunately the oil was bought at the old higher prices and we can't drop the costs for at least two weeks. Amazing how they never bought oil at the old low price so they can hold off on increases for two weeks though, guess they're just really, really, really, really, really, really, really unlucky. Every single time. See also computer chip shortages. They were awful for AMD/ nVidia/ Intel, they suffered through massive profits and selling everything they could produce at whatever prices they wanted. I do hope the children of Yemen or Tigray have some consideration for the terrible time chipmakers had of it. Which may seem a bit of an overkill comparison, but we all know who is going to suffer from the shortages most, and we all know those super profits aren't going to go towards stopping people literally starving.