CBOT corn stabilizes a day after hitting 16-month high
Feb 20 (Reuters) - Chicago Board of Trade corn futures finished nearly unchanged on Thursday as the market took a breather after climbing to a 16-month high during the previous session, traders said.
Traders are looking for direction from developments in U.S. trade policy, farmers' planting intentions or global weather forecasts.
Expectations for an increase in U.S. corn plantings this spring continued to hang over the market, as the crop looks more profitable to produce than soybeans, analysts said.
Agricultural lender CoBank projected that U.S. farmers will plant 94.55 million acres to corn in 2025, up about 4% from 2024.
The International Grains Council cut its forecast for 2024/25 global production, largely reflecting a diminished outlook for crops in Brazil and Argentina.
CBOT March corn CH25 rose 1/2 cent to end at $4.98 per bushel.
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