Corn Prices Plunge After Weekslong Rally

Corn prices have dropped significantly in the past day, marking their largest decline in almost three weeks. The price drop is attributed to profit-taking after a weekslong rally fueled by geopolitical and weather risks.

The most-active corn contract in Chicago fell as much as 1.8% on Wednesday, its biggest intraday decline since August 13. Wheat and soybeans also retreated as the losses followed a surge driven by supply concerns due to escalating attacks on Black Sea ports and ships, and global heat waves threatening output.

The price drop comes after a weekslong rally that was fueled by supply concerns. The attacks on Black Sea ports and ships, along with global heat waves, had threatened grain output and led to higher prices.