CBOT corn ends lower after hitting highest since June 2016

CHICAGO: Chicago Board of Trade corn futures weakened on Wednesday, retreating from their highest in nearly three years on profit-taking, traders said.

* Concerns about reduced acreage and production shortfalls continued to underpin the market, limiting the declines as rainy weather and muddy conditions kept US farmers out of their fields long past their optimal planting dates.

* The most active corn futures contract peaked at $4.38, its highest since June 2016, early in the session.

* Commercial hedging also pulled the corn market from its high as grain dealers noted some farmer selling at the top.

* The US Agriculture Department on Tuesday afternoon said that US corn was just 58 percent planted as of May 26, the slowest on record for this time of year.