CHICAGO: Chicago Board of Trade corn futures eased on Thursday after the US Department of Agriculture (USDA) projected larger US end-of-season supplies than expected in a monthly report and a larger-than-anticipated Brazilian crop, traders said. CBOT March corn ended 2-1/2 cents lower at $4.21-1/4 cents per bushel after peaking at $4.27-1/2 ahead of the USDA report.
The USDA left its 2020/21 US corn ending stocks forecast at 1.702 billion bushels, above the average trade forecast for 1.691 billion. Global ending stocks were lowered to 288.96 million tonnes, from 291.43 million previously and the average trade estimate of 289.26 million.
USDA also reduced its Argentine corn crop forecast by 1 million tonnes but left its Brazilian crop view unchanged. Analysts, on average, had expected cuts to both countries' crops following dry early-season weather. Brazil's CONAB on Thursday lowered its total corn crop estimate for the country to 102.589 million tonnes, from 104.891 million previously.
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