Wheat Extends Losses

Wheat futures have moved lower Wednesday morning extending Tuesday's losses. September Chicago Wheat is trading at 575 1/2, down 9 3/4 cents and December Chicago Wheat is trading at 584, down 8 3/4 cents. September Kansas City Wheat is trading at 578 1/4, down 8 cents and December Kansas City Wheat is trading at 598 1/4, down 8 1/4 cents.

Market chatter that Russian wheat production estimates are coming in at 58-60 million tons versus 55 million in the June USDA report is making the rounds. Chatter about global headline financial news has been making the rounds.