Corn futures held up into the close on Turnaround Tuesday, posting gains of 5 to 6 ¼ cents across the front months. The CmdtyView national average Cash Corn price was up 6 1/4 cents at $3.85 ¼.
Crop Progress data showed the US corn crop at 7% harvested, matching the 5-year average pace. Condition ratings were down 1% to 67% gd/ex, as the Brugler500 index was 3 points lower to 372. The only of the major states to see an increase in conditions were IL (+2), NE (+3), and OH (+1). Conditions dropped in IN (-7), IA (-4), MN (-3), MO (-3), and ND (-4).
Early harvest reports are coming back with some looking at yields below last year. The market will be looking to see if this is a wider trend as harvest pushes or just due to the early crop coming off.
ANEC estimates the Brazilian corn export total in September at 7.12 MMT, which is 0.16 MMT above the previous estimate last week.
Dec 25 Corn closed at $4.29 1/2, up 6 1/4 cents,
Nearby Cash was $3.85 1/4, up 6 1/4 cents,
Mar 26 Corn closed at $4.47, up 6 cents,
May 26 Corn closed at $4.56 3/4, up 5 1/2 cents,
