Corn futures at the Chicago Board of Trade were holding firm early on Tuesday as the market attempts to consolidate after Monday's plunge to three-month lows and a new contract low in September, traders said.
Pit sources said fund selling of corn futures, tied to the liquidation of long positions, totalled 25,000 lots during Monday's trading session.
At 10:16 am CDT (1516 GMT), CBOT corn was up 3/4 to 1-1/2 cents per bushel. September was up 1-1/4 at $2.11-3/4 per bushel. December was up 1-1/2 at $2.24-3/4.
Locals were the main buyers and FIMAT Futures sold 1,000 December and Refco Inc sold 300 December, pit sources said.
Traders and analysts said forecasts for light showers this week in parts of the Midwest would limit attempts to rally prices. Cooler temperatures and showers will aid the ear-filling stage of the corn plant's development.
Meteorlogix weather service said there was a chance for showers of 0.10 to 0.50 inch in the eastern Midwest on Thursday and temperatures this week will range from the low to upper 80s (Fahrenheit).