US corn futures down 3 to 5 cents

Chicago Board of Trade corn futures were called 3 to 5 cents per bushel lower on Wednesday, pressured by forecasts for rain in key crop producing areas of South America, traders said. Some profit taking was expected after prices rallied to a three-week high on Tuesday. Corn futures have risen for three straight days, gaining 4.8 percent during that time.
Corn's rally on Tuesday stalled out as prices approached the 30-day moving average. The market found support near the 20-day moving average. CBOT corn fell 3-1/2 to 3-3/4 cents per bushel in trading during the overnight Globex session.