Corn futures on the Chicago Board of Trade were lower early on Wednesday on spillover pressure from a profit-taking setback in the soya complex after the strong rally on Tuesday, traders said.
Traders said position squaring was taking place before the US Thanksgiving holiday on Thursday, but corn futures were finding underlying support from the dollar's fall to fresh record lows.
At 10:08 am CST (1608 GMT), CBOT corn was unchanged to 2 cents per bushel lower, with December down 2 at $3.79-1/4 per bushel. Weather has moved to the background as a market factor since the US corn harvest is winding down.
Rain and snow in the eastern US Midwest late this week may slow final harvesting but the precipitation will add to soil moisture reserves ahead of the 2008 US crop seeding season next spring.
Traders view an RSI of 70 or more as one indicator of an overbought market and 30 or less as an indicator of an oversold market. Oat futures were unchanged to 3/4 cent per bushel lower, with December down 3/4 at $2.76-1/4 per bushel.
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