Corn futures at the Chicago Board of Trade were firm early on Thursday on a technical bounce as the market was oversold, hovering near contract lows, traders said. The nine-day RSI for December closed Wednesday at 25, below the benchmark 30 that chartists view as a oversold mark.
At 10:04 am CDT (1504 GMT), CBOT corn was up 1/2 to 1-1/2 cents per bushel. December was up 1 at $2.04-1/4 per bushel. Man Financial bought 100 December, pit sources said.
Some slowdowns in harvest due to rain were also supportive, but ample supplies of corn and outlooks for them to increase kept a lid on prices. Harvesting of the US corn crop was expected to be slow in the Midwest on Thursday because of wet weather.
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