Spot corn bids at elevators and processors in the US Midwest were mostly unchanged to weaker and steady to uneven for soyabeans on Thursday, dealers said. Sufficient supplies pressured corn bids along with Chicago Board of Trade corn futures. Traders also exercised caution before the US Department of Agriculture monthly supply/demand report on Thursday at 11 am CST (1700 GMT).
Analysts polled by Reuters expect the USDA to reduce its forecast of 2016/17 US corn ending stocks. On Thursday Brazilian government agency Conab upped its forecast of Brazil's 2016/17 all-corn harvest to a record 87.4 million tonnes, from its previous estimate of 84.5 million tonnes. Thursday's US government export report showed old-crop corn sales in the latest week at 971,700 tonnes, in line with trade expectations for 800,000 to 1,100,000 tonnes. The USDA reported new-crop corn sales at 34,500 tonnes.
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