CBOT corn down on profit-taking, farmer sales

CHICAGO, May 5 (Reuters) - Chicago Board of Trade corn futures fell on Tuesday on a round of profit-taking and farmer selling after producers took advantage of a rally the previous day, analysts said.

• Farmer sales picked up on Monday, one broker said, as the new-crop December contract CZ26 closed above $5 a bushel for the first time since late 2023.

• The U.S. Department of Agriculture on Monday said the U.S. corn crop was 38% seeded as of Sunday, ahead of the five-year average of 34%.

• Expected rain in the U.S. Midwest raised worries about delays to corn and soybean planting, though the USDA's weekly report showed planting progress was ahead of the five-year average.

• Corn has also come under pressure from lower crude oil prices.

• The price of crude oil eased on Tuesday and investors took some comfort from news that a U.S.-flagged vessel had exited the Gulf under U.S. protection, though military incidents on Monday underscored ongoing shipping disruptions. O/R

• Conflict-driven fluctuations in oil prices have influenced grain markets, as corn and soybean oil are widely used for biofuel production.

• CBOT July corn CN26 settled 5-3/4 cents lower at $4.80 per bushel.