Probably 90% of that is shipping. Up here in Canada wheat is only about $275 per ton....which works out to 12.5 cents per lb. It was so cheap up here that people in Ontario bought mini electric auger-fed grain-burning stoves... disgusting, but it happened.
Cans can ensure your grain is out of moisture and bugs, and oxidation, but I recommend you get some in bulk too and use it first, as it is much cheaper. My family has a 50 galon barrel filled with wheat in a black plastic bag, and a good tight lid, and the age of that wheat is about 20 years. It is freshly ground the day of bread-making, and it smells and tastes the same as the day we started using it. It is non-gmo and pesticide-free, herbacide-free and free of all chemical fertilizers. We are getting down to the bottom of it, so maybe it is time to put the remaining aside for seeding some day (because of its purity) and find another source of organic wheat.