In times of highly volatile commodity markets, governments often try to protect their populations from rapidly-rising food prices, which can be particularly harsh for the poor. A potential solution for fooddeficit countries is to hold strategic reserves that are called on when international prices spike. But how large should strategic stockpiles be and what rules should govern their release? In this paper, we develop a dynamic competitive storage model for wheat in the Middle East and North Africa (MENA) region, where imported wheat dominates the average diet. We analyze a strategy that sets aside wheat stockpiles, which can be used to keep domestic prices below a targeted price. Our analysis shows that if the target price is set high and reserves are adequate, the strategy can be effective and robust. Contrary to most interventions, strategic storage policies are counter-cyclical and, when the importing region is sufficiently large, a regional policy can smooth global prices. Simulations indicate this is the case for the MENA region. Nevertheless, the policy is more costly than a pro-cyclical policy similar to food stamps that uses targeted transfers to directly offset high prices with a subsidy.