CHICAGO (Dow Jones)--Chicago Board of Trade corn futures are expected to open flat Monday following sideways trading Friday and again overnight.

May corn was flat at $3.44 1/2 per bushel in overnight trading, while July corn was flat at $3.56.

The market is at its lowest prices since October after sliding 3.3% last week, in part on a bearish quarterly stocks report from the U.S. Department of Agriculture that showed greater-than-expected supplies.

Bulls are trying to stem the downward momentum, and prices were mixed Friday. But corn has no fundamental strength to propel it higher, analysts said.

Traders are increasingly eyeing the weather forecast as farmers look for opportunities to plant. Views of the current forecast are mixed. DTN Meteorlogix said in a forecast that the Midwest will see rains in the early part of this week that will likely delay fieldwork, followed by a "very warm period" that will help dry fields. DTN added, however, that another wet system will move through the Midwest after that.

Gains in crude oil could offer support Monday, although analysts note the dollar has been mixed.

Managed money accounts added on CBOT corn short positions in the week ended March 30, the Commodity Futures Trading Commission said Friday. The disaggregated commitments of traders report showed that managed money accounts cut 9,805 long positions, leaving a total of 170,022 contracts, and added 13,081 contracts to their short positions, for a total of 163,163.

Meanwhile, the supplemental commitments of traders report showed that traditional speculative funds extended their net short position, cutting 15,664 from their long positions and adding 9,389 contracts from their short positions, leaving them net short almost 40,000 contracts.

May corn lost 8 1/4 cents during that time period, and has lost another 10 cents since.

The next downside price objective for the bears is to push and close prices below solid technical support at the contract low of $3.25, a technical analyst said. Bulls' next upside price objective is to push and close prices above solid technical resistance at $3.59 a bushel.

First resistance for May corn is seen at Thursday's high of $3.49 and then at $3.54 1/2, the technical analyst said. First support is seen at Thursday's low of $3.43 1/2 and then at $3.40.

In export news, global trading companies have sold around 267,000 metric tons U.S. corn to buyers in South Korea through tenders that were finalized late last week, trading executives said Monday.

Buyers in South Korea have bought at least 432,000 tons U.S. corn through tenders in the past week for August and September delivery.


-By Ian Berry, Dow Jones Newswires; 312-341-5778; ian.berry@dowjones.com