Chicago Board of Trade corn futures slipped on Tuesday on technical selling and profit-taking, after touching a six-month high, traders said. The benchmark CBOT March contract pulled back from a session high of $3.70 a bushel, the highest price for a most-active contract since August 2017.
Spillover support from gains in the neighboring soymeal and soybean markets helped underpin corn prices, traders said. Traders are eyeing weather in Argentina, after disappointing weekend rainfall buoyed corn and soy prices. Drought there is hurting harvest estimates for both crops and fuelling expectations that export demand will shift to the United States.