Firm cash markets and a mild recovery from Monday's price slide kept Chicago Board of Trade corn futures firm in early dealings on Tuesday, traders said. At 10:07 am CST (1607 GMT), CBOT corn was 1/2 to 1 cent per bushel higher, with December up 1/2 at $2.00-1/2 per bushel. FIMAT Futures bought 200 December and Refco Inc bought 100 December. Cargill Inc sold 500 March and ADM sold 100 March.
Pit sources said slow farmer selling, firm cash basis and slow harvesting of the crop in the Midwest because of wet weather helped the corn futures market hold firm.
The US Department of Agriculture Monday pegged the US corn harvest at 65 percent complete. That is in line with trade estimates for 63-65 percent and behind the five-year average of 80 percent.
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