CBOT corn hits 10-month peak but ends down on profit taking, technical selling

CHICAGO, March 9 (Reuters) - Chicago Board of Trade corn futures rose to a 10-month peak on Monday but closed lower as profit-taking and technical selling eroded gains stemming from an overnight surge in crude oil prices.

• Grain markets can track movements in crude oil, partly due to investment flows from commodity funds and also because crops like soybeans and corn are widely used for making biofuel.

• Oil prices were up about 8% on Monday, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding U.S.-Israeli war with Iran. O/R

• Grain traders are awaiting a monthly U.S. Department of Agriculture crop supply and demand report due on Tuesday. Analysts polled by Reuters expect minimal adjustments to the USDA's U.S. and global stocks forecasts and its South American harvest outlooks.

• The USDA said 1,517,676 metric tons of U.S. corn were inspected for export in the week ended March 5, down from 1,859,089 tons a week earlier but in line with trade estimates.

• CBOT May corn CK26 closed 6-3/4 cents lower at $4.53-3/4 per bushel. The contract peaked at $4.76, the highest level for a most-active contract Cv1 since May 2025.

• March 2027 through May 2028 posted contract highs during the session.