The best way to take advantage of the current wheat prices is to...

The best way to take advantage of the current wheat prices is to be sitting on a thousand tonnes or so from a couple of years ago;-) The price is so high for a reason, supply is down, so I would not expect company profits to rocket up with the wheat price.
I feel the most promising alternative to AWB is CBH (http://www.cbh.com.au/index.html) however CBH are not public (yet) I suspect what's happened to AWB will keep CBH off the ASX for a while longer, but I'm sure they will get there eventually.
There is absolutley no reason to buy AWB. It's all bad news so I have to agree with yellowcake.
I do hope most farmers saw what was coming and got out before the downslide and at least got their cash back (from the WIF days, when the farmers built AWB cash reserves) It is a sad ending indeed.