Corn futures at the Chicago Board of Trade fell early on Wednesday because the market was technically overbought and due for a downward correction a day after prices surged to two-year highs, traders said.
Seasonal harvest pressure also may be weighing prices, but declines were minimal since damp weather in the US Midwest was slowing harvest, mainly in the east and south. At 10:12 am CDT (1512 GMT), CBOT corn was down 6 cents per bushel to up 1 cent, with December down 5-1/2 cents at $3.15-1/2 per bushel.
Corn futures jumped on Tuesday as a wave of investment fund buying boosted the market into overbought technical areas. Technical support in the December contract at $3.16-1/2 per bushel was broken, driving the contract to a session low of $3.13-1/2 per bushel. Resistance was at $3.24-1/2.