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FIRST ’25 CROP WHEAT RECCO DAY 3:Past advice has you sold out of ’23 wheat and 35% hedged on ’24 production. Last Thursday we advised hedging the first 15% of expected 2025 production in July ’25 contracts at your appropriate exchange. They’ve rallied further since, so the advice stands. On the Grains Markets are mixed in overnight trade. As of 6 am, beans are weak but corn is up slightly and wheat is up double-digits. Wheat is stronger on continued deterioration in the Black Sea region impacting both Russian and Ukrainian crop estimates. USDA has Russia at 88 MMT but widely followed Russian firm IKAR just lowered its estimate again to 81.5 MMT and our Ukrainian broker contact thinks it’s more likely under 80. USDA has Ukraine at 21 MMT but our Ukrainian broker contact says its 18.5-19.5 at best. There were interludes of dry days last week but the weekend itself showed widespread rain over much of the Mississippi Valley and eastward, ranging widely from half an inch to 1″+ and certainly enough to limit progress. We’ll get the holiday-delayed Crop Progress report after the close today. Since last week’s report showed surprising progress the week before, some think that will…

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