Corn futures at the Chicago Board of Trade were narrowly mixed early on Tuesday in choppy consolidation trade, traders said. At 10:05 am CST (1605 GMT), corn was up 1/2 to down 3/4 cent. May was up 1/4 at $2.14-3/4 per bushel. Locals were the main buyers with that activity largely due to spillover support from gains in soybeans. Refco Inc sold 200 May and FIMAT Futures sold 100 May.
Traders said corn futures were attempting to consolidate around the current price levels. Futures fell sharply Friday and again on Monday on fund selling and profit-taking after the rally by early last week to 6-1/2-month highs. Demand from the hedge fund sector had been boosting corn and other grains sharply higher despite a bearish fundamental picture.
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