CBOT corn falls on profit-taking, rains forecast for Argentina
CHICAGO, Jan 22 (Reuters) - Chicago Board of Trade (CBOT) corn futures fell back after hitting fresh one-year highs on Wednesday, as traders took profits from Tuesday's rally and showers were expected in drought-stricken Argentina, analysts said.
Most-active March CH25 corn settled down 5-3/4 cents at $4.84-1/4 per bushel after the most-active corn contract on a continuous chart Cv1 touched its highest peak since Dec. 6, 2023.
Algerian state agency ONAB has issued new international tenders to purchase up to 240,000 metric tons of animal feed corn, European traders said on Wednesday.
Showers are expected to return to parched Argentina, a top corn producer, in the coming weeks, according to Commodity Weather Group.
(Reporting by Renee Hickman in Chicago; Editing by David Gregorio)
((renee.hickman@thomsonreuters.com))
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