UPDATE 1-Corn Products Q1 trails Street; cuts 2009 view

* Q1 EPS $0.22 vs est. of $0.46

* Q1 revenue $831.1 mln vs est. of $840.9 mln

* Sees FY EPS of $1.70 - $2.10

April 28 (Reuters) - Corn Products International Inc (CPO.N) posted a 74 percent decline in first-quarter profit that trailed market view by a wide margin, hurt by higher net corn costs, foreign currency translations and softer volumes, and cut its 2009 profit outlook citing lower volumes.

"We now anticipate lower volumes in North America due to the economic environment and a slightly longer than anticipated rebound in pricing in Brazil to offset the currency and volume impact," Chief Executive Sam Scott said.

In the latest quarter, the corn refiner posted net income $17 million, or 22 cents a share, compared with net income of $64 million, or 85 cents a diluted share, a year ago.

Sales dropped 11 percent to $831.1 million.

For the full year, the company said it expects to earn $1.70 a share to $2.10 a share, down from its prior forecast of $2.10 to $2.60 a share.

Analysts, on average, are looking for earnings of $2.39 a share, before items, according to Reuters Estimates.

Shares of the Westchester, Illinois-based company closed at $20.62 Monday on the New York Stock Exchange (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Jarshad Kakkrakandy)