Chicago corn tumbles after China cancels another export buy

U.S. corn futures fell sharply on the Chicago Board of Trade on Tuesday, following confirmation from the U.S. Department of Agriculture that China canceled more U.S. export purchases, as corn from elsewhere is cheaper to buy. China has now canceled 272K metric tons of previously agreed sales volumes of U.S. corn for the 2022-23 marketing year, coming after a streak of cancellations of exports to China late last month as well as indications of a strong crop coming in the U.S., with concerns that demand could fall short of production. Corn for July delivery (C_1:COM) closed -2% to $5.84 3/4…