December Corn finished down 1 3/4 at 590 1/2, 17 1/2 off the high and 27 3/4 up from the low. September Corn closed down 2 at 571 1/2. This was 27 3/4 up from the low and 17 1/2 off the high.

The corn market opened the morning sharply lower after trading at sharply lower levels overnight. However, prices rallied during the day despite lower crude oil and a higher dollar. Corn traded higher on the day in early afternoon before a late sell of that brought a lower close with a 45 1/4 cent range for the session. Funds were sellers of 8000 contracts early in the day, but fund selling dried up during mid session which helped to generate the mid day rally according to floor traders. Crop weather remains favorable in most growing areas of the US. Rain may pick up tomorrow and Friday with about 2/3rds coverage in the Midwest. The USDA announced a sale of 245,000 tonnes of corn to Japan for 2008/09 delivery. Basis levels in the interior were mostly steady to firm this morning with the Gulf also steady. However, traders at the Gulf indicate that the tone there is weak again amid poor export demand.

September Rice finished down 0.5 at 16.77, 0.53 off the high and equal to the low.