Wheat little changed

Wheat futures are little changed Friday morning. July Chicago wheat is trading at 496 1/2, down 1 1/4 cents. July Kansas City Wheat is trading at 521 1/4, down 3/4 cents. On Thursday the USDA reported weekly wheat export sales of 524,200 tonnes. Market talk that Canadian wheat acreage will be near 24.8 million acres versus 23.83 million last year has been making the rounds. The International Grain Council estimated that global wheat production will be 705 million tonnes down a little from last month and down from 721 million last year. This week the European Union granted export licenses for 679,000 tonnes of Wheat. EU wheat exports are at record highs.