Corn futures give back post-report gains as focus turns to South America.

December Corn futures closed moderately lower, giving back most of Tuesday's post-report rally while holding about three and a quarter cents above recent lows. On the technical front, the Relative Strength Index recovered to 32%, moving out of extreme oversold territory below 30%. With the November WASDE report complete, market attention shifts toward South American weather, Super El Niño developments and early soybean planting progress that could accelerate second-season corn planting. Notably, the USDA increased upcoming crop estimates for both Argentina and Brazil by 2 million metric tons each. Traders also look ahead to Friday's weekly USDA export sales report, delayed one day due to the Veterans Day holiday, following recent flash sales to Mexico.