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Corn futures are trading steady to slightly lower this morning after rebounding 3 cents or more on Turnaround Tuesday. Consultant Informa lowered its Brazilian corn crop 450,000 metric tons to 72.4 MMT but raised its Argentine corn estimate 500,000 MT to 23.5 MMT. Brazilian consultant Celeres projected a crop of 76.6 MMT, with 44.2 MMT of safrinha crop corn. In its new monthly industrial use report, USDA said its new survey found January corn use for ethanol of 454 million bushels. January use was about 11 mbu smaller than December, but more than 10 million above November. USDA’s projection for 2014/15 is 5.25 billion and does apply seasonal patterns. There were 1065 delivery notices vs. March futures, with ADM stepping up to stop 121 of them. The rest went to the usual suspects.