Corn futures on the Chicago Board of Trade hit a five-week low on Thursday on estimates for big South American crops that would further boost ample global grain supplies, traders said. CBOT May corn settled down 5-1/4 cents at $3.67 per bushel after falling to $3.66, its lowest since Feb. 1.
The US Department of Agriculture in a monthly report raised its estimate of 2016/17 global corn ending stocks to 220.68 million tonnes, above an average of trade expectations and up from 217.56 million previously. The USDA raised its estimates of 2016/17 corn production in Brazil and Argentina. Also, Brazil's agricultural statistics agency Conab raised its estimate for the country's 2016/17 corn crop to 88.9 million tonnes, from 87.4 million last month.
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