Chicago Board of Trade corn futures were firm at midday Thursday after early speculative short-covering, but gains were limited by estimates for record US 2004 corn production, floor traders said.
The US Department of Agriculture will update its 2004 corn production estimate next Tuesday. The much-awaited government crop assessment will follow analysts' forecasts this week for a 2004 US corn crop of 11.156 to 11.375 billion bushels.
Last year, US farmers produced a record 10.114 billion bushels; the USDA last month estimated this year's corn crop at a record 10.961 billion bushels.
CBOT corn futures were last up 1-1/4 cents per bushel to unchanged, with December up 1-1/4 cents at $2.08-1/2, after setting a one-week high of $2.09-1/2. CBOT March corn futures were last up 1 cent at $2.19 per bushel.
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