CBOT corn futures dip as large US harvest looms

CHICAGO, July 25 (Reuters) - Chicago Board of Trade corn futures eased on Friday amid expectations of a large U.S. harvest, and weather forecasts that could benefit Midwestern crop production yields, market analysts said.

• New-crop CBOT December CZ25 ended the day down 1-3/4 cents at $4.19 a bushel. The most-active corn contract Cv1 posted a nearly 2.05% loss for the week.

• Brisk export demand underpinned the market. The U.S. Department of Agriculture on Friday confirmed private sales of 140,000 metric tons of U.S. new-crop corn to South Korea and another 102,870 tons to Mexico.

• Corn futures faced pressure from weather forecasts calling for milder nighttime temperatures in the Midwest in August, which can be beneficial to the plants during the crucial grain-fill period, traders said.

• Traders said they were trying to position ahead of the Trump administration's August 1 tariff deadline, but were hesitant to make big shifts in their trading models as U.S. talks are progressing with several top export markets.

• The European Union and the United States could reach a framework deal on trade this weekend, ending months of uncertainty for European industry, EU officials and diplomats said.

• China's agriculture ministry said high temperatures and drought may persist in some parts of the country and have adverse impacts on autumn grain production.

• Russia effectively cut export duty for barley and corn through adjusting the calculation mechanism in order to boost its exports.

• Basis bids for corn were mostly steady to weaker in the U.S. Midwest, softening at a few corn ethanol plants, spot checks showed.