Corn futures at the Chicago Board of Trade were lower early on Wednesday amid disappointing exports and the huge stockpile of corn in the United States, traders said. At 10:06 am CST (1606 GMT), CBOT corn was down 1/2 to 1 cent per bushel, with March down 1 at $2.06 per bushel. Citigroup sold 400 March, Refco Inc bought 300 March and Cargill Investor Services bought 400 March, pit sources said.
Traders said corn futures likely would continue to trade in a narrow range, with occasional bouts of fund short covering buoying prices. However, the production this year of a record corn crop in the United States continues to limit the rally potential for corn futures prices.
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