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Corn (December)

Fundamentals: Corn futures made new lows for the move to start the week, much of which is attributed to technical and seasonal pressure. Barchart released their estimates yesterday which may have been an added headwind to the market. They have the national corn yield at 183.6 bushels per acre, 9 bushels more than the USDA estimates. This puts production at 15.4 billion bushels. This seems optimistic in our minds, but we applaud them for sticking to their models and not fallowing the herd into the echo chamber. The next USDA report is this Friday, out at 11:00 AM CT. The average analyst estimate for yield is 175.8 bushels per acre. The average analyst estimate for harvested acres is 85.1 million and the average estimate for production is 14.942 billion bushels. For those of you still paying attention to crop progress, Good/Excellent conditions dropped 1% to 59%. 21% of the crop is mature.