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US wheat futures on the Chicago Board of Trade fell 11.5 percent in 2009, their second straight annual decline, pressured by plentiful stocks around the globe and light demand for US supplies on the export market. The spot March wheat contract last traded at $5.40-3/4 per bushel, after touching a year-high of $6.77 in September and a low of $4.25-1/4 in June.
Although wheat futures fell in 2009, US prices were still relatively high on the world market, a factor that is likely to continue to add pressure in 2010, according to Vic Lespinasse of GrainAnalyst.com. "As long as our prices are uncompetitive in the world market, I think that will remain a bearish influence," said Lespinasse, whose prediction for the 2009 ending price was just 9-1/4 cents above the last trade. "Prices are a lot cheaper in other countries."

Copyright Reuters, 2010

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