Corn futures at the Chicago Board of Trade were lower early on Tuesday in a technically overbought market heavily laden with speculative long positions, traders said.
Traders and analysts said corn was due for at least a temporary drop because of recent rallies to 2-year highs and near 10-year highs. Seasonal harvest pressure and declining crude oil markets also were weighing on prices.
At 10:26 am CST (1626 GMT), corn was down 1-3/4 to 4-1/2 cents per bushel, with December down 4-3/4 cents per bushel at $3.24-3/4 per bushel. UBS Warburg sold 300 December, pit sources said.
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