MUMBAI (Commodity Online): The nearby Corn futures contracts continued their slide Wednesday, although the market trimmed losses later in the day and back-month contracts actually gained.

Traders said follow-through selling after Tuesday’s plunge on a big 2009 crop weighed on prices Wednesday, but that end-user buying and short-covering helped the market rebound from early lows.

Tuesday’s USDA reports have set “a bearish landscape,” one analyst said. Index fund rebalancing was again a factor late in the session, pushing the March contract back above its 100-day moving average.

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March Corn ended down 8 1/2 cents to $3.84 per bushel and May corn ended down 8 cents to $3.95. But Dec corn, the second-most-active contract behind March, ended up 1 1/4 cents to $4.18 3/4.

Courtesy: CBE Group

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