CHICAGO (Dow Jones)--Chicago Board of Trade corn futures finished slightly higher Tuesday, rebounding late amid support from outside markets.

December corn ended up 1/2 cent to $3.81 3/4 per bushel and March corn ended up 1/4 cent to $3.93 1/4.

In addition to gains of more than 15 cents in CBOT wheat, corn had support from a weaker dollar and stronger crude oil late in the day. The market had traded at least a couple cents lower through much of the day, amid profit-taking on the recent rally.

The December contract has now gained 40 1/4 cents since Oct. 5, but the upside momentum slowed on Tuesday, as the market took a "breather," said Jason Britt, president of Central State Commodities.

Along with the continued support from a weaker dollar, funds continue to boost the market, having bought an estimated 2,000 contracts Tuesday.

Technically, the market looks strong, as it is well above its 100-day moving average, and many traders and analysts say the market is now unlikely to test seasonal lows around $3. But at the same time, there is little talk about the market potentially making a run at the $4 mark.

Britt and others question whether the market's fundamentals are strong enough to support the market at current prices. They note that regardless of what Mother Nature throws at the crop this fall, it is likely to be large, and supplies will be healthy.

"Am I going to be buying $3.80 corn? Probably not, with the facts we know now," Britt said.

Weather is mostly seen as a supportive factor in the market, although potentially drier and warmer weather in the forecast could allow for more harvest progress, some traders said.

The U.S. Department of Agriculture will release its weekly crop progress report at 4 p.m., and the trade is expecting harvest progress to be only 16% to 19% complete.

Traders say the crop likely lost between 100,000 and 200,000 bushels from recent frost and freezes in the Midwest, though they say the potential for more crop losses from a cold snap is now limited.

CBOT oats futures ended mostly higher. December oats ended up 3 3/4 cents to $2.58 1/2 per bushel and March oats ended up 3 3/4 cents to $2.71 1/2. Several of the back months were slightly lower.

Ethanol futures were lower. November ethanol ended down $0.012 to $1.888 per gallon and December ethanol ended down $0.005 to $1.838.


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