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Can corn prices break through macro head winds?

Comparing NASS and RMA County Yields for Corn

Corn continues to run into heavy resistance on the charts each time it tries to advance between $3.85 and $4.05 per bushel. Extreme macro commodity head winds around the globe also continue to work against the bullish players.

Here in the U.S., overall crop-conditions were left "unchanged" at 68% good/excellent.  IL conditions were down 1%; KS, MN, MO, NE, NC, SD, TN unchanged; CO, IN, IA, KY, MI, ND, OH, PA, WI conditions up 1%. The harvest jumped by +8% last week and now stands at 18% complete vs. the 5-year average of 23% by this date.

From my perspective, I think the trade was looking for a bit stronger number, and so was I. As you can see from the graphic below, most all states, including Illinois, who jumped from 13% last week to 30% harvested this week, still remain behind their traditional harvest pace. It's also worth noting that Tennessee hauled in 21% of their entire corn crop last week and Missouri was close behind by harvesting 19% of their entire crop last week.


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