Chicago Board of Trade corn futures fell early on Tuesday on a technical setback after Monday's rally, traders said. December corn was down 2-3/4 cents at $1.91-1/2 per bushel and March was 2 lower at $2.05-3/4, trading above nearby support at $2.04.
But volume was on the lighter side after Monday's fund short-covering rally. RIS, a division of Man, and UBS Warburg each sold 200-500 March, traders said.
Monday's rally shook some corn loose from US farmers' hands. But movement tapered off by Tuesday morning, dealers said.
CBOT corn registrations dropped to 2,997 lots from the previous 3,250. CBOT oat futures were mixed, up 1 cent to down 1-1/2 cent per bushel, with trade on the quieter side.