CHICAGO (Dow Jones)--Chicago Board of Trade corn futures ended slightly lower Tuesday amid outside market pressure and profit-taking after Monday's rally.

December corn ended down 1 3/4 cents to $3.84 1/2 per bushel and March corn ended down 1 1/4 cents to $3.96 3/4.

The market traded both sides during the session, and some analysts were surprised the market didn't slip further given the "Turnaround Tuesday" environment. Corn had rallied almost 15 cents on Monday. Tuesday, it had pressure from a stronger dollar and weaker soybeans, but limited losses.

"You'd almost call it a victory for the bulls," said Western Milling analyst Joel Karlin.

But traders said the market has overhead resistance, at the 200-day moving average, which is around $3.90 1/4 in the December contract, and at $4.

Some traders and analysts have questioned whether fundamentals support corn's recent gains, which have largely been driven by a weaker dollar and fund-money flow. On Tuesday, funds sold an estimated 3,000 contracts.

Traders and analysts also said that warmer, drier weather over the past few days has helped a lot of farmers harvest more of their crop. As that grain hits the pipeline, the market will come under more pressure, traders and analysts said.

"I think increasingly the market is going to run into more stout resistance as we get closer to $4," Karlin said.

But a lot of traders and analysts still see the weather as supportive, as more rains and colder weather are expected to hit the U.S. corn belt later this week and next week.

The poor weather and harvest delays are fueling concerns about the quality, if not the quantity of the crop.

"Corn's got a lot of problems out there," an analyst said.

Another trader added that, while the market might soon come under more pressure, the downside could be limited. A lot of end-users, he said, were awaiting another dip to the $3.20 area that seems increasingly unlikely, and they will eventually have to meet their needs.

CBOT oats futures ended flat. December oats settled at $2.59 per bushel and March oats ended at $2.71 3/4.

Ethanol futures were higher. November ethanol ended up $0.035 to $1.923 per gallon and December ethanol ended up $0.038 to $1.877.


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