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NEW WHEAT RECCO DAY 2: On prior advice all should be sold out of old crop and 15% hedged on new crop. Yesterday we advised hedging another 20% to take you to 35% hedged. We advised using the September contracts at your appropriate exchanges as these are at premiums to the July contracts and won’t require any need to roll if July delivery approaches and we want to stay hedged. On the Grains When spring began early starting in February this year and fieldwork progressed in March, one would have thought that we would not be fighting to get crops in as we are yet in mid-May. We have gone from drought last fall to waterlogged this spring. We have gotten half of our crop here planted in April and are still waiting on the opportunity to plant the second half. We hear of isolated instances where farmers have planted nothing yet. Random planting progress is being made wherever conditions allow. Assuming that we get the second half of our crops planted soon, we will essentially have two very different crops given the time lapse between them. Pollination will get spread out during the summer. We have not had good drying…

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