Corn futures at the Chicago Board of Trade were firm early Tuesday on a mild bounce from Monday's sharp slide to an 8-1/2 week low, traders said.
CBOT corn futures were 1/2 to 1-3/4 cent per bushel higher by 10:25 am CDT (1525 GMT). July corn was up 1/4 cent at $2.98-3/4 and new-crop December was 1-1/4 higher at $2.93-1/4.
R.J. O'Brien was an early buyer of 500 December and Citigroup sold 400 December, pit trader said.
The market was technically oversold after Monday. The nine- day relative strength index for December corn was at 18 as of Monday's close, well below the 30 level viewed by technicians as oversold. Early Tuesday the nine-day RSI for December was hovering around 20.
Slow farmer selling and firm cash basis in the Midwest also were supportive. Deliveries on the May contract Tuesday were light at 22 lots.
CBOT oat futures were up 3/4 cent to down 1/4 cent per bushel, trying to recover from the sharp break on Monday. July was up 1-1/2 at $1.67-1/2. New-crop December was steady at $1.79-1/4.