This study analyzes the impact of governmental market interventions in Serbia, among them a wheat export ban, on the country’s integration into the international wheat market and the domestic wheat-to-bread supply chain during the global commodity price peaks in 2007/08 and 2010/11.The study helps to clarify the impact of the governmental market interventions on two different price transmission contexts: the horizontal one, where it analyzes the price transmission and market integration between the Serbian and the world wheat markets; and the vertical one, where it analyzes the price transmission mechanisms within the Serbian wheat-to-bread supply chain. Furthermore, simulations of flour and bread production costs and the bakers’ and retailers’ profits have been conducted in order to identify who benefited from and who lost due to the extensive governmental interventions.