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Corn futures at the Chicago Board of Trade were lower early on Thursday on a setback amid overbought technical signals, traders said.

At 10:23 am CST (1623 GMT), CBOT corn was down 3/4 to 1-1/4 cents per bushel, with March down 1-1/4 at $2.15 per bushel. Pit sources said CIS-Man sold 1,000 March and FC Stone sold 500 March.

The nine-day relative strength index for March stood at 76. Technical traders view an RSI of 70 or more as an overbought market. Technical support in the March contract was at $2.14-1/2 per bushel and resistance was at $2.19-3/4.

Copyright Reuters, 2005


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