Wheat Futures Little Lower

September Chicago Wheat is trading at 430 1/2, down 3 1/2 cents/bushel. December Chicago Wheat is trading at 455 3/4, down 2 3/4 cents/bushel. September Kansas City Wheat is trading at 416 3/4, down 1 cent/bushel. Wheat futures are trading a little lower early Friday morning. Trading is rangebound. Market chatter about price competition from European exports and chatter that Russia's exports for the season may reach a record high is making the rounds. The European Union (EU) issued export licenses for 779,000 tonnes of wheat during the reporting week, so far EU exports since July 1st now total 988,000 tonnes. The USDA reported on Thursday that export sales for the current marketing year are now 34.9 percent of the USDA forecast versus the five year average of 33.0 percent.