Corn futures at the Chicago Board of Trade were a bit lower early on Tuesday on a profit-taking setback following the release of bullish corn stocks data by the US Department of Agriculture, traders said. At 10:09 am CST (1609 GMT), CBOT corn was unchanged to 2 cents per bushel lower, with December down 1 at $3.99-1/2 per bushel. March was down 1/2 at $4.17-1/4.
Traders said the corn market had become technically overbought during its rally the past week to 5-month highs and was due for a profit-taking setback. The December contract is above all key moving averages with first support at its 20 day moving average of $3.85-3/4 per bushel. The nine-day relative strength index was at 71.
Deliveries on the December contract on Tuesday remained heavy at 2,403 lots amid scattered stopping. Oat futures were up 1 to 4-3/4 cents per bushel, with December up 4-3/4 at $2.77-1/4 per bushel.
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