Corn retreats after 7-1/2-year high

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    CHICAGO- US nearby corn futures declined on profit-taking after the benchmark contract climbed to its highest since 2013, bolstered by a US Department of Agriculture (USDA) report that projected smaller-than-expected plantings and rekindled worries over global grain supplies.

    Nearby soybean futures also fell on profit-taking, after a limit-up rally a day earlier.

    However, deferred futures contracts for corn and soybeans rose, gaining against nearby contracts on spreads, as the USDA’s plantings report shifted the market’s focus to the 2021 harvest.

    Chicago Board of Trade May corn settled down 4-1/2 cents at $5.59-3/4 per bushel, turning lower after reaching $5.85, the highest price on a continuous chart of the most-active corn contract since June 2013. But the new-crop December contract settled up 7 cents at $4.84-1/2.