Corn futures fall on profit-taking

Corn futures on the Chicago Board of Trade declined due to profit-taking after previous gains, amid a weak dollar and declining oil markets. The market linked the price drop to concerns over potential impacts on supplies, especially following Iranian statements about possibly reopening the Strait of Hormuz if U.S. pressures ease and sanctions are lifted. Additionally, a U.S. report showed that the quality of the corn crop in the United States remains at its lowest level in three years, despite limited progress in harvesting due to rainfall.

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