Corn futures at the Chicago Board of Trade held firm early on Wednesday amid a mild short covering bounce after the market fell to a series of new contract lows and fresh four-year lows, traders said.
The nine-day relative strength index for March closed Tuesday at 19 which is fairly deep into oversold technical territory. Traders view a reading of 30 or below as an indication of an oversold market.
At 10:32 am CST (1632 GMT), CBOT corn was up 1/2 to 1 cent per bushel, with December up 1 at $1.87-1/4 per bushel. March was up 1/2 at $2.01. Pit sources said ABN Amro bought 300 March and FIMAT Futures bought 100 March.