Wheat Little Lower

Wheat futures are trading a little lower Thursday morning. September Chicago Wheat is trading at 562 1/2, down 4 1/4 cents and December Chicago Wheat is trading at 569 1/2, down 5 cents. September Kansas City Wheat is trading at 553 1/4, down 5 3/4 cents and December Kansas City Wheat is trading at 573, down 6 cents.

Market talk about better yields for Russia wheat production have moved the estimates of the Russian wheat crop to around 58-60 million tons versus last week's USDA estimate of 57 million tons. Chatter that El-Nino's impact in Australia is less than previously thought has been making the rounds.