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Corn futures are trading 3 cents lower across the board. The International Grains Councilon Thursdayraised its forecast for global corn production in 2014/15 to reflect favorable crop conditions, most notably in the United States. The IGC, in a monthly update, forecast world corn production would total 969 million tonnes, up from a previous projection of 963 million and just shy of the prior season's record 974 million. Trade estimates for the USDA weekly export sales report were in the 800,000 MT to 1.2 MMT range, with 300-450,000 MT expected to be old crop. USDA pegged the actual figure at 1.267 MMT, 86% was for new crop. The USDA’s Foreign Agricultural Service in Moscow has pegged total Russian grain production for 2014/2015 at 94MMT. This represents a 2MMT increase from their previous estimate. This includes 13MMT of corn, which is 1.4MMT more than the previous year.