US MIDDAY: corn dips

17 May, 2006

The Chicago Board of Trade corn market fell early on Tuesday, in a mild setback from the recent rally to a 10-month high, traders said.
The nine-day relative strength index for the July contract closed at 74 on Monday, above the 70 benchmark that traders view as a technically overbought market.
Some pressure stemmed from a fast planting pace of this year's US corn crop, which can increase yield potential.
July corn was 1-1/2 cent lower at $2.58-1/2 per bushel, with the deferred months down 3/4 cent to 3 cents by 10:55 am CDT (1555 GMT).

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