Wheat Futures Trading Lower

March Chicago Wheat is trading at 410 1/4, down 6 cents/bushel. May Chicago Wheat is trading at 421 1/2, down 5 cents/bushel. March Kansas City Wheat is trading at 409, down 4 1/2 cents/bushel. Wheat futures are trading at the session lows. The USDA World Agricultural Supply and Demand Estimates Report (WASD) was released Friday. The USDA report showed U.S. ending wheat stocks totaled 1.143 billion bushels versus 1.143 billion bushels a month ago. The agency estimate for global ending wheat stocks was 252.14 million tonnes versus 249.2 million tonnes last month. The USDA revised global wheat production up by just over 6.5 million tonnes to a record 751.26 million tonnes. The USDA weekly export inspection report for wheat is due out later today.