March Corn finished down 15 1/4 at 380, 11 1/4 off the high and 3 1/2 up from the low. July Corn closed down 15 1/2 at 401 3/4. This was 3 up from the low and 11 1/4 off the high.

The corn market opened sharply lower this morning with traders crediting the weakness to new lows in crude oil, a higher dollar and renewed concerns about the slowing US economy. The March corn contract made a new low for the move early in the session, and traders indicate that corn was one of the leaders to the downside on the day. Trade sources indicate that China may step up its buying of domestic corn for strategic reserves. They had already announced that they would buy 5.0 million tonnes for this purpose. Export sales were in line with expectations. Net sales came in at 433,800 tonnes. Sales need to average 729,000 tonnes each week to reach the USDA forecast. This week's sales total was well below that level, and this follows a trend that dates back to the week ending October 16th. Basis levels at the Gulf were steady this morning with demand continuing on the light side amid stiff competition from Brazilian corn and Black Sea feed wheat.

January Rice finished down 0.33 at 13.415, 0.085 off the high and 0.025 up from the low.