Wheat Little Changed

Wheat futures are trading steady to fractionally lower Monday morning. September Chicago Wheat is trading at 575, down 1 cent and December Chicago Wheat is trading at 581 3/4, down 1 3/4 cents. September Kansas City Wheat is trading at 571 1/4, down 1 cent and December Kansas City Wheat is trading at 590 3/4, down 1 1/2 cents.

Friday's USDA report showed global ending wheat stocks at record highs at 219.81 million tons versus 202.40 million tons in the previous report. Production for Canada and Europe were lowered by a little bit, Russia and Ukraine were raised a little bit. The report showed U.S. wheat ending stocks for the 2015/2016 season were 842 million bushels versus 814 million bushels in June. U.S. all wheat production came out at 2.148 billion bushels versus 2.121 billion in June.