US corn futures were weak early on Tuesday amid follow-through technical pressure after the lower close on Monday, traders said. Some long-liquidation and profit-taking were weighing on the market and additional weight was stemming from a drop in most wheat futures contracts, the traders said.
At 10:04 am CST (1604 GMT), Chicago Board of Trade corn was unchanged to 2 cents per bushel lower, with March down 1 cent at $5.02-1/2 per bushel. Traders said the corn market was attempting to consolidate after the surge of prices late last week and the following drop in the market on Monday. Oat futures were up 2-1/4 to down 2-1/2 cents per bushel, with March up 1-1/2 at $3.45-1/2 per bushel.
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