CBOT corn dips on profit-taking

March 27 (Reuters) - Chicago Board of Trade corn futures ended lower on Friday on a round of profit-taking ahead of the weekend and Tuesday's U.S. Department of Agriculture report.

• The Iran war has upended the planting intentions of U.S. farmers, resulting in fewer acres of corn and the lowest quantity of spring wheat planted since 1970, as rising fertilizer and fuel costs and low grain prices dim the outlook for profits, analysts said ahead of a U.S. government report due on Tuesday.

• Corn requires a substantial amount of nitrogen from fertilizer.

• Dry conditions in the U.S. Plains, particularly in Nebraska, are expanding ahead of planting season and current drought maps are similar to those seen at this time of year in 2012, one of the most severe drought years in U.S. history. Traders noted weather conditions can quickly change and rain is forecast for the eastern Corn Belt going into next week.

• However, some market analysts say if drought conditions continue, problems could emerge related to irrigation and government-mandated restrictions on water use in some areas. Reduced access to irrigation water can lower crop yields.

• Investors have reacted cautiously to U.S. President Donald Trump's latest comments on talks to end the month-old conflict.

• Trump said on Thursday that talks to end the war were going "very well" and that he would delay threatened attacks on Iran's energy plants for another 10 days.

• CBOT March corn CH26 settled 5 cents lower to $4.62 per bushel.