Wheat Futures Move Down

September Chicago Wheat is trading at 422, down 11 1/2 cents/bushel. September Kansas City Wheat is trading at 407 3/4 , down 8 3/4 cents/bushel. Wheat futures are trading near the lows of the session. Market chatter that overseas wheat production and the U.S. harvest is ongoing. Some street estimates for European Union 2016 soft wheat production are showing up near 148 million tonnes versus 145.2 million in March. Sunday's U.S weekly crop progress report showed winter wheat was rated 62 percent rated good to excellent versus 40 percent a year ago. Harvest is about 58% complete versus 45 percent last week and 50 percent a year ago. The ten year average at this time of year is 54 percent.