CHICAGO (Dow Jones)--The frost threat that sent Chicago Board of Trade corn futures higher Tuesday appeared to dissipate Wednesday, which sent the market lower for the day.

December corn ended down 10 1/4 cents to $3.36 1/4 per bushel and March corn ended down 10 1/4 cents to $3.49 1/2.

The market opened lower in a correction from Tuesday's gains, and extended the slump by several cents at midday after weather models showed the Midwest warmer next week. The market was more than 20 cents lower before trimming losses.

With the perceived frost threat still at least a week away, the market could continue to swing based on each weather forecast update, traders and analysts said.

"It's a little like flying a small airplane," said Sid Love, analyst with Kropf and Love Consulting, saying the market's ride could be smooth or bumpy. "It all depends on which way the wind is blowing today."

Funds, who were heavy buyers Tuesday, sold an estimated 10,000 contracts Wednesday.

Love said that ultimately he expects the market to re-test its seasonal lows. Most traders are expecting a large, potentially record-sized crop this year.

But a floor trader said that the market could be hard-pressed to push too much lower in the near-term.

"I still think you have people who want to buy on the breaks because of the technical picture," the trader said. But he and others said technical support alone won't be enough to rally the market further.

Traders said that farmer selling after the market took off to the upside Tuesday weighed on prices.

A weaker dollar underpinned the market, analysts added.

While meteorologists differed on their interpretation of mid-day weather models, they agreed that it showed no significant frost in the heart of the corn belt late next week. Drew Lerner, owner of World Weather Inc., said the market over reacted to the frost threat on Tuesday's rally and probably over reacted to Wednesday's update.

He said the Wednesday's model was probably "too warm" and that subsequent models would likely once again show colder air.

In international news, Argentine corn planting is progressing well due to increased showers, with 8.7% of the forecast 1.875 million hectares seeded to date, the Buenos Aires Cereals Exchange said in its weekly crop report Wednesday.

More rain is expected across the farm belt this week, which will help boost soil moisture levels, according to the exchange.

-By Ian Berry, Dow Jones Newswires; 312-341-5778;