CHICAGO- Chicago Board of Trade corn futures retreated on profit-taking on Friday, while soybean futures extended gains fueled by lower-than-expected US acreage estimates and dry weather in part of the Midwest, traders said.
Corn pulled back after surging by the daily, exchange-imposed limit on Wednesday when the US Department of Agriculture shocked traders by estimating that farmers planted fewer acres than expected.
Uncertainty about demand added pressure to prices as a federal appeals court struck down a US rule put in place under former President Donald Trump to expand sales of corn-based ethanol.
