Corn futures at the Chicago Board of Trade dipped early Thursday, setting back from their recent fund-led rally that drove prices to 6-1/2 month highs, traders said. The market was long overdue for a technical correction given the bearish fundamental outlook for a huge supply of coarse grains world-wide. The weakness in soybeans contributed to the sell-off in corn, traders said.
May corn was 3-1/4 cents lower at $2.22-1/4 per bushel by 11:15 am CST (1715 GMT), while the back months were 1-1/2 to 3-1/4 cents weaker.