While 1989/90 has been characterized by the lowest world stocks-to-use ratios since WW II, futures prices have not responded as vigorously as forecasted by many in the industry. Possible limiting factors have been: high expectations, a non-inflationary environment, large Southern Hemisphere supplies and a stream lining by users to carry smaller stocks. In 1990, new crop prices should be steady through Northern Hemisphere plantings with some strength possible if conditions in the U.S. do not improve from their current status. As demand in the year ahead is expected to be less robust than this past year, crop developments will dictate price direction. Good weather in August and September will in all likelihood lead to lower prices while troublesome conditions could project to significantly higher values.