Wheat prices reached record levels in 2007-2008, due to a combination of tight supplies in major exporting countries, increased demand for grains and weakness in the United States (US) dollar. For 2008-2009, wheat prices are expected to remain near the historically high levels of 2007-2008 due to continuing tight world and major exporter stocks, as well as spill over support from higher feed grain prices. This issue of the Bi-weekly Bulletin examines the situation for wheat for 2007-2008 and the outlook for 2008-2009. "Wheat" refers to all wheat including durum, unless otherwise specified. For an overview of the market for durum wheat see Bi-weekly Bulletin, Volume 20 Number 18.