July wheat opened 7 1/2 cents higher this morning at 829 1/2 and established an early range of 790 1/2 829 1/2. Wheat opened higher and sold off sharply in both old and new crop contracts in Chicago and KC. Traders indicated that the sell off was in response to the USDA's Supply and Demand and World Production Reports which showed higher than expected wheat production in the US and a record total world crop for wheat. The US crop at 2.392 billion bushels is the largest in 10 years. World production stands at 656.01 million tonnes. US ending stocks for old crop were pegged at 239 million bushels compared to 242 million bushels last month. Traders had been expecting ending stocks to jump about 5 million bushels. Estimates were raised slightly for imports, exports and seed usage. US ending stocks for 2008/09 were pegged at 483 million bushels as compared with expectations near 425 million. World wheat ending stocks for the current year were pegged at 110.02 million tonnes compared to 112.48 million last month. World wheat ending stocks for 08/09 were adjusted higher to 123.99 million tonnes. Wheat exports by France were nearly 960,000 tonnes in March according to customs data there.