Corn futures at the Chicago Board of Trade were lower early on Friday, reacting to larger-than-expected 2005 US corn production and stocks estimates released by USDA before the open, traders said.
At 11:07 am CDT (1607 GMT), CBOT corn was unchanged to 5-3/4 cents per bushel lower. September was down 5-1/2 at $2.19-1/2. December was down 5-3/4 at $2.32-1/2.
Rand Financial and CIS each sold 500 December, pit sources said.
USDA, in its August crop report early Friday, cut its US production estimate to 10.350 billion bushels from its July forecast of 10.785 billion.
But USDA's estimate was above an average of analysts' estimates for 10.235 billion. US new-crop end stocks were projected at 1.9 billion bushels, down from 2.240 billion estimated in July and below an average trade estimate of 1.697 billion.
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