Corn Off Highs but Still Gains on Tuesday

At the close the corn futures market was up 2 1/4 to 4 cents for the front months. December futures closed 8 1/2 cents off the highs for the day, and printed a 15 cent range. Macro markets generally traded higher with gold (GCZ22) , crude oil (CLX22) and the stock market (SPY) all stronger for Tuesday. 

Barchart estimated the 22/23 corn output at 14.759 bbu in their October update, which was 40 mbu higher than their prior estimate. Barchart had data reporting errors among their prior estimates. They reported the Corn Yield as 178.76 bushels per acre, from 178.3. The StoneX survey had the national average corn yield at 173.9 bpa, for a 14.056 bbu crop. In IA specifically, StoneX sees 202 bpa corn, compared to 209 in IL, 190 in MN, and 172 for NE.

Weekly Crop Progress data showed maturity caught up to the average pace with 3/4 of the crop finished. Harvest advanced 8% points to 20% finished nationally -  trailing the average pace by 2% points. Corn conditions were down 1 point on the Brugler500 Index to 331. 

Dec 22 Corn  closed at $6.83, up 2 1/4 cents,

Nearby Cash   was $6.63 5/8, up 4 cents,

Mar 23 Corn  closed at $6.90, up 2 1/2 cents,

May 23 Corn  closed at $6.91, up 3 cents,