Wheat Futures Move Down

September Chicago Wheat is trading at 408, down 7 1/4 cents/bushel. December Chicago Wheat is trading at 430 1/2, down 4 3/4 cents/bushel. September Kansas City Wheat is trading at 409 1/2 , down 4 cents/bushel. December Kansas City Wheat is trading at 435 3/4, down 4 1/4 cents/bushel. Wheat futures are trading at the session lows. The USDA weekly wheat crop progress report showed 65 percent of the spring wheat crop was harvested versus 48 percent a week year ago and 69 percent a year ago. The ten year average at this time of year is 51 percent. The USDA reported on Monday that wheat export inspections as of August 18th are now 23.1 percent of the agency forecast versus the five year average of 24.1 percent. Chatter about large global wheat supplies is making the rounds.