December Corn finished up 4 1/2 at 596 1/2, 8 off the high and 8 1/2 up from the low. September Corn closed up 4 1/4 at 577 1/4. This was 8 1/4 up from the low and 8 1/4 off the high.

The corn market opened slightly lower on the day and sold off in early trade. Prices firmed into mid session and then rallied sharply to higher on the day by early afternoon. The December contract pushed through the 600 level on the late rally before settling below 600. Volume was said to be moderate, and floor traders reported that funds were buyers of 2000 contracts through mid session. Despite the late rally, corn lost sharply to wheat on the day. A Federal judge ruled yesterday that the CRP could only release 1.8 million acres for haying and grazing out of the 24 million acres proposed for that purpose in May. The USDA has also announced plans to release a total of 34 million acres for various purposes including crop production later this summer, but those plans are now in doubt. Basis levels are steady to firm in the interior on continued light selling by farmers. At the Gulf, basis levels are steady.

September Rice finished up 0.05 at 16.72, equal to the high and 0.16 up from the low.