US Corn Prices Drop Sharply Amid Profit-Taking

Corn prices plummeted on Wednesday, marking their biggest decline in almost three weeks, as investors took profits following a weekslong rally fueled by geopolitical and weather risks.

The most-active corn contract in Chicago dropped as much as 1.8% during the session, its largest intraday decline since August 13.

This move comes after a surge in prices driven by concerns over supply due to escalating attacks on Black Sea ports and ships, as well as global heat waves threatening output.