Wheat To Average USc500/bushel In 2009

Front-month wheat hit our short-term target of USc500/bushel on March 2, which we set in January when the contract was trading at USc578/bushel. Wheat prices have since edged slightly higher to trade at USc550/bushel at one point on March 18, but we see further downside ahead over coming months. Indeed, a rapidly deteriorating economic backdrop, combined with a projected increase in wheat supplies will weigh on prices.

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