Corn Turns Back Higher on Tuesday

Core Insights - Corn futures experienced gains of 5 to 6 ¼ cents, with the CmdtyView national average Cash Corn price rising to $3.85 ¼ [1] - The US corn crop is currently 7% harvested, aligning with the 5-year average, but condition ratings have decreased by 1% to 67% good/excellent [2] Group 1: Market Performance - Corn futures closed with gains, with December 25 Corn at $4.29 ½, up 6 ¼ cents, and March 26 Corn at $4.47, up 6 cents [3] - Nearby Cash Corn price increased by 6 ¼ cents to $3.85 ¼, while May 26 Corn closed at $4.56 ¾, up 5 ½ cents [3] Group 2: Crop Conditions - Crop Progress data indicates a decline in condition ratings, with the Brugler500 index dropping 3 points to 372 [2] - Notable increases in crop conditions were reported in Illinois (+2), Nebraska (+3), and Ohio (+1), while significant declines were observed in Indiana (-7), Iowa (-4), Minnesota (-3), Missouri (-3), and North Dakota (-4) [2] Group 3: Harvest and Export Insights - Early harvest reports suggest yields may be lower than last year, raising questions about whether this trend will continue as harvesting progresses [3] - Brazilian corn exports for September are estimated at 7.12 million metric tons, slightly above previous estimates [3]