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CHICAGO: Chicago Board of Trade corn futures retreated on Thursday after the US Department of Agriculture (USDA) projected an increase in 2021 US plantings and traders awaited the agency's more detailed supply and demand outlook due on Friday.

CBOT March corn settled down 2-3/4 cents at $5.50-1/4 per bushel. During its annual two-day Ag Outlook Forum, the USDA forecast 2021 US corn plantings at 92 million acres, below the average analyst estimate for 92.9 million but up from 90.8 million in 2020. The USDA also forecast the average US corn price at $4.20 per bushel in the 2021/22 season.