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FIRST ’25 CROP WHEAT RECCO DAY 2:Past advice has you sold out of ’23 wheat and 35% hedged on ’24 production. Yesterday we advised hedging the first 15% of expected 2025 production in July ’25 contracts at your appropriate exchange. They’ve rallied 140-170 per bu. from March lows and that needed to be rewarded. (For track record we’re using fill prices for Chicago and KC at 743; MGE at 769.)   On the Grains This is Memorial Day weekend so there won’t be any markets on Monday. A hearty salute to all veterans and families of veterans who made the ultimate sacrifice in service to our country for generations past.   In overnight trade thus far prices are mostly firm. With anticipated cuts in corn production in Argentina and sub-Saharan Africa and smaller wheat crops expected in Russia, Ukraine and the United States, the International Grains Council (IGC) revised its monthly projection for total grains output lower by 10 million tonnes for the 2024-25 marketing year. Here’s the breakout by crop: Global wheat production is lowered to 795 MMT, still 7.3 MMT higher than last year but 3.2 MMT lower than USDA’s forecast at 798.2. A slight decline in corn…

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