December Corn futures saw a turnaround amid increased Brazilian crop estimates.

December Corn futures closed moderately higher for the third consecutive day, negating a prior downside move. The contract closed directly on top of the 100-day moving average, but is now hitting the top end of its downward-trending channel, marking a key resistance level. Brazil's reporting agency, CONAB, increased its corn production estimate for 2024/2025 to 141 million metric tons, significantly higher than the USDA's current figure of 135 million metric tons. This is notable because the USDA has historically held a higher number than CONAB, suggesting the USDA may have to raise its Brazilian crop estimate. Meanwhile, the Midwest harvest is progressing, leading to potential farmer sales that could pressure Corn futures in the coming weeks.