Chicago Board of Trade corn futures bounced early on Thursday, following the strength in wheat and soybeans, traders said.
The market was due for a rebound, trapped in recent trading ranges amid outlooks for supplies to grow as harvest progresses. The nine-day relative strength index for December closed Wednesday at 26, below the 30 viewed as an oversold market.
December corn was up 2-3/4 cents at $2.09-1/4 per bushel, with the deferreds up 1 to 2-1/2 cents by 11:55 am CDT (1655 GMT). Commodity funds were covering short positions, buying about 4,000 lots by the midsession. ABN Amro was the featured buyer with 1,500 December, traders said.
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