Wheat Futures New Contract Lows, IGC Raises Global Production

September Chicago Wheat is trading at 406 1/4, down 4 cents/bushel. December Chicago Wheat is trading at 433 1/4, down 4 cents/bushel. September Kansas City Wheat is trading at 405 1/2, down 3 1/2 cents/bushel. September Wheat futures set new contract lows this morning. The International Grain Council (IGC) raised their global wheat production estimate to 735 million tonnes versus earlier estimates of 729 million tonnes. Street estimates for Argentina's wheat area are showing a slight decline to 4.3 million hectares versus 4.4 million hectares. The USDA reported on Thursday that wheat export sales for the current marketing year as of July 21st are now 38.8 percent of the USDA forecast versus the five year average of 37.2 percent.