The Chicago Board of Trade corn market was slightly weaker on Tuesday but prices were range-bound in pre-holiday type trade, traders said. There was little fresh news to stir much market excitement. That has been the general trend since harvest. The March corn contract has seen only an 8-1/2 cent range since December 1.
The market also remains underpinned by a huge net short position held by commodity funds, making corn futures vulnerable to short-covering bounces and limiting the amount of fresh speculative selling.
CBOT corn futures were 1/4 to 1-1/4 cent per bushel lower by 10:30 am CST (1630 GMT). March corn was down 1/2 at $2.06.
Local traders were the featured sellers, floor sources said.
Overnight export business featured South Korea tendering Wednesday for 55,000 tonnes of food-grade corn.
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