Corn futures at the Chicago Board of Trade were firm early on Tuesday on short covering amid oversold technicals, traders said.
The nine-day relative strength index for December closed Monday at 22, which left the market vulnerable to a technical bounce as traders view an RSI of 30 or less as indicating an oversold market.
Traders said the corn market was attempting to consolidate at or just above contract lows and additional support may stem from slow farmer selling and firm cash basis markets.
At 10:15 am CST (1615 GMT), corn was up 1/4 to 3/4 cent per bushel, with December up 3/4 at $1.95-1/2 per bushel. Pit sources said Man Financial and Tenco Inc each bought 200 December.