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NEW WHEAT RECCO DAY 3: On prior advice all should be sold out of old crop and 15% hedged on new crop. On Thursday, 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 Grain markets are higher in overnight trade with all three classes of wheat leading with double digit gains as of 6am. The sharp rebound for wheat is a bit surprising given last week’s higher-than-expected Kansas Wheat Tour results and near torrential rains over most of the state through the weekend. It could stem from growing uncertainty over wheat prospects for Russia. USDA’s first estimate had them at 88 MMT, down from 91.5 last year. With recent freezes and drought problems, our Ukrainian Grain Broker contact Viktor Korobko already had them at 85 MMT and in his weekend report lowered it further to possibly below 80 million. As for Ukraine, USDA put their ’24 wheat output at 21 MMT, down from 23 last year. Korobko says it’s likely…

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