Final answer:
Good weather increasing wheat harvests shifts the supply curve to the right, decreasing prices, which can be financially devastating for wheat producers due to lower income.
Step-by-step explanation:
Good weather resulting in record wheat harvests typically causes a shift in the supply curve to the right, indicating an increase in supply. With the wheat supply increase, prices tend to fall as the quantity supplied exceeds demand at previous price levels. This can be disastrous for wheat producers because the lower prices may not cover the costs of production, leading to financial losses. In historical context, patterns like those seen in the Manchurian Plain in 2014, which experienced severe drought conditions, show that unfavorable weather decreases the supply of agricultural products and drives up prices. Conversely, good weather produces the opposite effect, as seen in the question scenario, severely impacting farmers who might struggle with excess production and reduced income.