With stocks tanking and Facebook breaking the Nasdaq, we’ve been watching another market over the last few days… plain, boring old Wheat. That part at the right of the chart below where it looks like a rocket taking off? That’s a 4-day rally of over 16% up to new 2012 highs.

Now, wheat still is only about half of its peak price in 2008, but this move is still pretty odd in the face of a rising dollar and sell-offs everywhere else this week, and welcome news to those who aren’t big fans of “risk on/risk off” trading. What’s more, in an ironic twist of fate – news out of Europe (not that news) is contributing to the higher price of wheat – with reports of droughts in Europe and the US:

“U.S. wheat futures rose to the highest level in six weeks, as dry conditions threatened production in Russia and the U.S. southern Plains. Spring drought conditions in parts of Russia’s key southern grain export regions may have inflicted irreversible damage on some of the crop, and a government source told Reuters that Russia may cut its 2012/13 grain crop forecast in May from the current 94 million tonnes.”

It’s not quite Facebook, but look out above.