Corn futures at the Chicago Board of Trade were narrowly mixed early on Wednesday in consolidation trading with a solid rally in wheat providing some spillover support, traders said. But traders also said that falling outside markets like gold and crude oil were weighing on corn futures prices.
At 10:11 am CDT (1511 GMT), CBOT corn was down 3/4 cent per bushel to up 1-1/4 cents, with December down 1/2 at $2.63-1/2 per bushel. Traders said the volume was light with Man Financial buying 100 December. Corn surged to a two-year high on Monday but underwent a profit-taking setback on Tuesday. That volatility set the stage for a bit of a breather and consolidation on Wednesday.
Traders said the good demand for corn remained a supportive factor but gains likely will be limited by harvesting of a big US corn crop, potentially the second largest in US history.
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