CBOT corn futures fall on profit-taking, South American weather

CHICAGO, Feb 24 (Reuters) - Chicago Board of Trade corn futures fell more than 1% on Monday, retreating from multi-month highs set last week, pressured by profit-taking and improving weather forecasts for South America, analysts said.

• Most-active CBOT May corn CK25 settled down 8 cents at $4.97 a bushel.

• Commodity funds hold a massive net long position in CBOT corn futures, leaving the market prone to bouts of long liquidation.

• Crop areas of Argentina should see "widespread and frequent rain" over the next two weeks, the Commodity Weather Group said in a client note.

• Some traders expect the U.S. Department of Agriculture to project a year-on-year increase in corn plantings for 2025 when the government releases U.S. crop forecasts on Thursday at the start of its annual two-day Outlook Forum.

• The USDA reported export inspections of U.S. corn in the latest week at 1,134,476 metric tons, toward the low end of trade expectations for 1,000,000 to 1,750,000 tons.

• Friday is the first notice day for deliveries against CBOT March futures contracts.