Corn futures at the Chicago Board of Trade were lower early on Tuesday amid slow exports of US corn and plentiful corn stocks, traders said. Traders said the corn market remains range bound, with the record large 2004 US corn crop continuing to quickly put a lid on attempts to rally the market. At 10:15 am (1615 GMT), CBOT corn was 1-1/4 to 1-1/2 cents per bushel lower, with March down 1-1/2 at $2.06 per bushel.
Chartists see the March contract meeting stiff resistance at its 50-day moving average of $2.09-1/2 per bushel. Key support lies at the 14- and 20-day moving averages of $2.04-3/4 and $2.05 a bushel, respectively. The 9-day relative strength index was near neutral at Monday's close at 57.
Technical support in the March contract is at $2.05-1/2 a bushel with resistance at $2.08-1/2.
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