CBOT corn ends lower on profit-taking, Argentina weather outlook

CHICAGO, Jan 16 (Reuters) - Chicago Board of Trade corn futures fell on Thursday as forecasts for much-needed rains in dry areas of Argentina's crop belt and a flush of farmer grain sales this week sparked a round of profit-taking, traders said.

• CBOT March corn CH25 settled down 4-1/4 cents at $4.74-1/2 per bushel. The contract set a multi-month high on Tuesday at $4.79-3/4.

• Commodity funds have expanded their net long position in CBOT corn futures in recent weeks, leaving the market vulnerable to bouts of long liquidation.

• Forecasts called for weekend showers in Argentina and marginally cooler temperatures next week, potentially easing crop stress in the world's No. 3 corn exporter.

• Argentina's largest agricultural groups asked the government to offer tax relief for the sector, which they said was in a "critical" situation due to a drought and low crop prices.

• The U.S. Department of Agriculture reported export sales of U.S. corn in the week ended Jan. 9 at 1.024 million metric tons, above a range of trade expectations for 500,000 to 1 million tons. EXP/CORN

• In addition, under its daily reporting rules, the USDA confirmed private sales of 135,000 metric tons of U.S. corn to Taiwan.

• The International Grains Council (IGC) cut its forecast for 2024/25 global corn production by 6 million metric tons to 1.219 billion tons, largely reflecting a downward revision for the United States.

(Reporting by Julie Ingwersen; Editing by Mark Porter)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))