CHICAGO - Tight world supplies will keep U.S. wheat futures markets on edge at least until spring as traders hold their breath to see whether the Northern Hemisphere can make it to harvest without any major production problems, analysts said.

Futures prices soared to new all-time highs this fall as poor weather slashed global wheat output for the second consecutive year, dragging ending stocks to historic lows. Producers worldwide are thought to have seeded more winter wheat in response to the high prices, but the size of the increase will remain somewhat of a mystery until the U.S. Department of Agriculture releases official estimates in January.

Even with the expected increase in plantings, there is no guarantee that Mother Nature will supply producers with favorable weather in 2008, analysts said. With that in mind, fears about global tightness will continue to provide underlying support to the markets, they said.

"With wheat stocks as tight as they currently are, a failure in any one area of the globe could result in a country that currently is a net exporter becoming a net importer," said Brian Henry, broker for Archer Financial Services. "At times, the export market may show signs of weakness, but the world will need to see progress in the development of new crop wheat. The potential for adequate supplies does exist, but the market will stay well supported until these crops hit the cash market."

The USDA this month pegged world wheat ending stocks at 110.1 million metric tons, a 30-year low. U.S. wheat ending stocks were put at a 60-year low of 280 million bushels.

Global production in 2007-08 is seen at 602.31 million tons, while total use is pegged at 616.55 million tons, according to the USDA.

Production will have to rise to roughly 40 million tons more than consumption to bring stocks back to a comfortable level, said Dave Marshall, an independent commodities broker and analyst.

There is already speculation about how much more wheat was planted around the world, with markets working to assess production potential. French farmers seeded about 3.4 percent more soft wheat this fall for the 2008-09 crop year, according to the L'Office National Interprofessionnel des Grandes Cultures.

But output still depends on the weather, and it's likely that it will take more than one year to replenish supplies, some analysts said.

"I think a true comfort zone can't be achieved in a one-year time frame, unless you're just blessed universally with good growing conditions," said Greg Wagner, director of marketing and risk management for Horizon Ag Strategy.