Wheat Little Lower

Wheat futures are trading choppy and a little lower during early trading Monday. July Chicago Wheat is trading at 477 1/2, down 4 cents. July Kansas City Wheat is trading at 504 1/2, down 4 cent. Chatter about weather and production across all of Europe and the USDA report on Tuesday has kept trading range-bound. Estimates of current year ending stocks are coming in at 690 million bushels a little higher that the April USDA report. Estimates for U.S. ending stocks for 2015/2016 are wide-ranged with a middle of the road estimate near 730 million bushels.