Chicago corn falls on profit-taking from three-year highs

Chicago corn futures experienced a decline on Thursday as traders cashed in on three-year highs, but the market remained volatile due to the uncertainty surrounding tensions in the Black Sea grain-exporting region. The most actively traded corn contract on the Chicago Board of Trade (CBOT) slipped 0.3% to $5.42 per bushel by 0:45 AM GMT.

The CBOT index climbed 0.2% to $7.75 per bushel, while soybean futures increased 0.4% to $13.15 per bushel. The ongoing escalation of conflicts in the Black Sea has created a cloud of uncertainty over global grain availability, as nearly all grain shipments through ports in the Black Sea and the Sea of Azov have been halted. Russian Deputy Foreign Minister Alexander Grushko stated on Wednesday that Russia does not see any justification for the Black Sea grain deal to resume, as both Russia and Ukraine continue to target each other's grain export facilities.

Ukraine's largest farm union UAC cautioned exporters that deepwater ports are unlikely to resume operations soon and advised them to rely on alternative methods. Recent attacks on Ukraine's port infrastructure and a border crossing with Romania in the southern Black Sea region of Odesa further fueled traders' concerns over potential disruptions in Russian and Ukrainian grain exports.

Ahead of the USDA's weekly export sales report, traders anticipated the government to report net export sales of up to 200,000 metric tons of US old-crop corn and 1.6 million tons of US new-crop corn. Additionally, they expected up to 200,000 metric tons of US old-crop soybeans and 2.5 million tons of US new-crop soybeans to be exported.

The USDA has confirmed the private sale of 202,000 metric tons of US soybeans to China under its daily reporting guidelines.