Winter wheat ratings end fall at the second worst in history.

We must give full disclosure on these very poor US wheat ratings. There is no real relationship between ratings at this time and final harvested yields next summer. You can wreck a crop through fall and even hit it with five hard freezes over winter and the main yield determinant is still spring rains. We're exaggerating a little but we do understand why our markets are not panicking about conditions right now. Having said that, we did expect a little more psychological premium in current pricing than what we're seeing.

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