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With price controls, if someone with a lot of money came to town (obviously someone with connections to the politburo/king as that would be the only way he could obtain such enormous sums) and decided to buy all the wheat and just hold on to it he'd have a monopoly.
In a free market the wheat sellers would never sell all their wheat at once and raise the price depending on how much they have left in stock. If this someone with lots of money intends to buy all the wheat he would have to start buying the moment the bell tolls and the trading day begins to prevent the millers from buying enough wheat to feed the town, at this moment most wheat sellers will only have a token quantity on sale to probe the market, when this someone buys up every token wheat bail on offer the price is going to rise sharply and farmers will offer another probing sale and if the price rises sharply again we will be looking at an exponential increase in price. If this someone intends to buy all the wheat he will end up turning all the wheat farmers in the town into millionaires.