Wheat Firm at Midday

Wheat futures are firm to 4 cents higher in most contracts on Friday, as July futures expire this afternoon. On Thursday, USDA trimmed the old crop cash price for wheat by 4 cents to $5.16, with the new crop average price up a dime to $5.20. The balance sheet also saw a 50 mbu increase to new crop exports to 950 mbu, with feed and residual up 10 mbu to 150 mbu. The projected 1 bbu carryout would also be a 4-year low if realized. The Buenos Aires Grain Exchange estimates that 85.8% of the Argentine wheat crop is planted as of 7/10, above the 80% average.

SEP 19 CBOT Wheat is at $5.21, down 1/2 cent,

SEP 19 KCBT Wheat is at $4.65 1/4, up 3 3/4 cents,

SEP 19 MGEX Wheat is at $5.41 1/4, unch,

--provided by Brugler Marketing & Management

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