Corn futures at the Chicago Board of Trade were lower early on Wednesday on a technical setback from the recent strong gains, traders said. Massive buying by investment funds drove corn to 6-1/2 month highs on Tuesday but there was no follow-through fund buying on Wednesday which allowed relatively thin selling to drive prices lower, pit sources said.
At 10:08 am CST (1608 GMT), corn was down 1/2 to 2-1/2 cents per bushel. May was down 2 at $2.26-1/2 per bushel. ADM Investor Services sold 1,000 May, traders said.
Comments
Comments are closed.