Corn futures at the Chicago Board of Trade were expected to open 2 to 3 cents per bushel higher on Tuesday in a technical recovery from Monday's sharp losses and spillover support from soyabeans, traders said.
In overnight trade, December rose 2-3/4 cents to $3.81-3/4 a bushel while March was up 3 cents at $3.99. Traders said corn futures were expected to continue the overnight trend in dayside trading, recovering from Monday's steep declines triggered by a surge in the dollar.
Traders were expecting corn to be supported by the strength in CBOT soyabeans. January soyabeans rose 12-1/4 cents to $10.45 a bushel in overnight trade. Traders said gains in corn, however, could be capped with a sharp fall in crude oil futures on Tuesday morning, with the Nymex December contract down $1.13 at $93.49 a barrel.