According to Crop Progress data, 7% of the US corn crop has been harvested, matching the 5-year average. Crop condition ratings slipped 1% to 67% good/excellent, while the Brugler500 index fell 3 points to 372. Among major states, only Illinois (+2), Nebraska (+3), and Ohio (+1) showed improvement. Conditions weakened in Indiana (-7), Iowa (-4), Minnesota (-3), Missouri (-3), and North Dakota (-4).

Early harvest reports indicate yields in some areas are coming in below last year. The market will watch closely to see if this is a broader trend or just due to early-harvested fields.

Agency ANEC estimates Brazil’s corn exports in September at 7.12 MMT, which is 0.16 MMT higher than last week’s projection.