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Corn futures declined from a one-month high on Tuesday as traders booked profits following a recent rally. Prices on the Chicago Mercantile Exchange (CME) fell by 1.2%, reversing gains seen earlier in the week amid concerns over delayed planting in the U.S. Midwest. Analysts attribute the pullback to technical selling after the contract reached a critical resistance level. The move reflects broader market caution ahead of key U.S. Department of Agriculture (USDA) supply-demand reports due next week.
The decline in corn prices impacts agricultural commodity traders and livestock producers who rely on feed costs. With ethanol demand remaining stable and export prospects uncertain, the market remains sensitive to weather developments and policy shifts. Traders are closely monitoring the 380-cent level as a key support for near-term price direction.
Looking ahead, the upcoming USDA reports on crop conditions and inventory levels will be pivotal. Weather patterns in major producing regions and global demand trends from China and Mexico will also shape the outlook. Investors should watch for potential volatility as the market digests new data and adjusts positioning.
