OREANDA-NEWS. February 03, 2015. Chicago Board of Trade corn futures finished roughly unchanged on Monday as technical support was offset by pressure from ample supplies and sharply lower wheat prices.

Most-active CBOT March corn earlier surged more than 2 percent, reaching a session high of \\$3.78-1/2 per bushel before hitting upside resistance at the contract's 100-day moving average.

Prices were oversold after five straight sessions of declines, sparking a round of short-covering.

However, fresh four-month lows in CBOT March wheat dragged corn from its highs, with global supplies of each grain satisfactory to meet demand.

Open interest during Friday's session of lower corn prices jumped 20,124 contracts to 1.353 million contracts, the largest since August, suggesting investors were making new short or bearish bets.

Moderate volume of more than 249,000 corn contracts traded on Monday was below the heavy volumes seen late last week, Reuters data showed.

The US Department of Agriculture said 661,675 tonnes of corn were inspected for export in the week ending Jan. 29, below the low end of analyst expectations.