Wheat Futures Lower

May Chicago Wheat is trading at 449, down 3 3/4 cents/bushel. May Kansas City Wheat is trading at 467 1/2 , down 2 3/4 cents/bushel.

Wheat futures are trading near the session lows. Chatter about U.S. weather and global wheat supplies is ongoing.

The European Commission (EU) increased their soft wheat crop estimate to 143 million tonnes versus 134.3 million tonnes last year. The EU estimates that soft wheat exports maybe near 28.9 million tonnes versus 24.0 million tonnes last year. The EU Soft wheat supplies are estimated to be 10.2 million tonnes versus 10.3 million this season.

Some talk about increased wheat production from India is showing up.

The USDA reported on Thursday that wheat export sales as of February 23rd are now 88.7 percent of the agency forecast versus the five year average of 87.2 percent.