*
USDA pegs corn plantings at 91 million acres
*
Corn, soy, wheat prices to drop from 2022 -USDA
*
Broader economic concerns loom over grain futures
CHICAGO, Feb 23 (Reuters) - Chicago Board of Trade corn futures hit a six-week low on Thursday as the U.S. government projected that farmers will plant more acres this year and prices will decline, analysts said.
The U.S. Department of Agriculture, at its annual Agricultural Outlook Forum, pegged 2023 corn plantings at 91 million acres (36.8 million hectares), up from 88.6 million last year, and production at 15.085 billion bushels, based on a record-high yield of 181.5 bushels per acre.
"They give an indication that we have the potential for big crops and the potential for ending stocks to increase," said Karl Setzer, brokerage research lead at Mid-Co Commodities.
Although high by historical standards, the USDA also projected lower average prices for corn, soybeans and wheat compared with the previous year, reflecting expectations for increased production and ending stocks.
Chicago Board of Trade corn futures fell 14-1/2 cents to $6.59-3/4 a bushel by 12:25 p.m. CST (1825 GMT), the most-active contract's lowest price since Jan. 12.
Soybeans slid 7 cents to $15.27-3/4 a bushel. Wheat was down 1-1/2 cents at $7.48-1/2 a bushel, after dropping on Wednesday to its lowest since Feb. 7.
Worries that the U.S. Federal Reserve may further raise interest rates hung over commodity and equity markets, analysts said.
Competition for grain and soybean export business added pressure on agricultural futures, brokers said, and there was a lack of bullish news to counteract concerns about demand.
The USDA is slated to issue weekly U.S. grain and soybean export sales data on Friday.
A tender by Egypt on Wednesday, in which the major importer booked 240,000 tonnes of Russian wheat, highlighted competition for export business from the Black Sea region, despite the year-old Russian invasion of Ukraine.
Traders are anticipating a Black Sea grain export corridor from Ukraine will be extended when it come up for renewal in March. (Reporting by Tom Polansek in Chicago. Additional reporitng by Gus Trompiz in Paris and Naveen Thukral in Singapore. Editing by Marguerita Choy)
