Corn Prices Plummet as Traders Take Profits Amid Black Sea Conflict

The price of corn on the Chicago Board of Trade fell by 0.3% to $5.42 a bushel, as traders took profits after prices reached a three-year high.

This decline in corn prices is in contrast to gains made by wheat and soybeans, which rose by 0.2% and 0.4%, respectively.

The market's uncertainty over the conflict in the Black Sea grain-exporting region continues to underpin the market, despite halted shipments through ports in the Black Sea and the Sea of Azov.

Russia's Deputy Foreign Minister Alexander Grushko stated that Russia sees no grounds for the Black Sea grain deal to resume, as both countries continue to attack each other's grain export facilities.