CHICAGO: Chicago Board of Trade corn futures ended lower on Tuesday, with most-active March hitting a contract low on technical selling and profit-taking after the US Department of Agriculture's monthly supply/demand report briefly lifted values.
CBOT March corn settled down 1-1/4 cents at $3.47-3/4 a bushel after setting to a contract low at $3.47-1/2.
Futures climbed to session highs after the USDA cut its forecast of US 2017/18 corn ending stocks to 2.437 billion bushels, down from 2.487 billion in November and below an average of trade expectations.
The smaller stocks forecast reflected a 50 million-bushel increase in the USDA's estimate of the amount of 2017/18 US corn used for ethanol.
The USDA raised its forecast of global 2017/18 corn ending stocks to 204.08 million tonnes, above an average of trade expectations.
Through its daily reporting system, the USDA said private exporters sold 152,000 tonnes of US corn to Mexico for delivery in the 2017/18 marketing year begun Sept. 1.
Brazil's crop supply agency Conab forecast the country's 2017/18 all-corn crop at 92.2 million tonnes, compared with its month-ago estimate range of 91.6 million to 93.1 million tonnes.
The CME Group reported 66 deliveries against December corn futures, which expire on Thursday.
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