* CBOT May corn futures settled down 1 cent at $3.64-1/4 per bushel after dipping to a contract low of $3.62-1/4, the lowest price for a most-active contract since Nov. 21.
* Technical selling accelerated as May corn fell below its previous contract low of $3.63-1/4.
* The USDA in a monthly supply/demand report upped its forecast of US corn stocks left at the end of the 2018/19 marketing year to 1.835 billion bushels, topping a range of trade expectations.
* The projected supply increase reflected a drop in the government's estimate of US 2018/19 corn exports to 2.375 billion bushels, from 2.450 billion in February.
* The USDA also lowered its estimate of the amount of 2018/19 corn used to make ethanol.
* However, the market was underpinned by the fact that corn futures have already fallen sharply in the last two weeks.
* "The big change in the exports is really disappointing for the corn. But here we are, barely lower, when it could be a dime lower," said Jack Scoville, analyst with the Price Group.
* The CBOT reported 1,092 deliveries against March corn futures contract, which expires next week.