Corn futures at the Chicago Board of Trade turned firm early Friday after a brief setback on overbought technical conditions, traders said.
Good demand for US corn and a strong weekly export tally from last week reported by USDA before the open, sparked an early round of speculative buying. A rally in the neighbouring soybean pit added support to corn.
The CBOT corn market was up 3/4 cent to 2 cents per bushel by 10:25 am CST. March corn was up 1-1/4 cent at $2.77-1/4 per bushel.
CBOT March soybeans were 11 cents higher at fresh 6-1/2 year highs on continued concerns of tight supplies.
Rand Financial was among the featured corn buyers, with 300 March, traders said.
Corn continues to set open interest records, and commodity funds hold a record-long position in corn after the recent series of 15-month highs.
The nine-day relative strength index for March corn closed on Thursday at 84, well above the benchmark 70 usually viewed as a technically overbought market - and it was inching higher on Friday at 85.
The US cash basis for corn at Midwest interior locations was weak, because on-hand supplies were adequate after a recent surge in country sales stemming from the rally in corn futures.
But CIF corn at the US Gulf was firm early Friday, after softening earlier in the week.
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