Chicago March '09 wheat futures prices reached $US6.17/bus, a gain of 1pc.

It first lifted through the $6/bus barrier on the last day of 2008 trading.

Kansas City March '09 wheat has pushed above $6.53.

Meanwhile, Minneapolis wheat prices continue to consolidate recent gains in a relatively narrow trading range.

Chicago prices were in negative territory for much of the day, but followed the pattern of recent sessions when the market rallied late.

A stronger US dollar applied pressure to wheat prices, but traders could not ignore surging soybean prices, especially when they pulled corn well off its lows.

There’s a growing perception that wheat supplies in the Black Sea region are beginning to dry up, but there’s still ample competition out there to limit gains without support from the outside markets.

As such, wheat will likely struggle if corn and soybeans both turn lower.

Fortunately, both are holding the expected early-year selling better than many traders anticipated.

The longer settlement dates for wheat in Chicago have lifted well clear of the $7/bus mark - Dec '10, for instance, has reached $US7.23/bus.

Dec '09 has reached $US6.80.