March Corn finished down 17 at 348 3/4, 19 3/4 off the high and 3 3/4 up from the low. July Corn closed down 17 3/4 at 370 3/4. This was 3 1/2 up from the low and 18 3/4 off the high.

The corn market opened substantially lower today and sold off sharply into mid session. The market then traded sideways into the close. Corn gained sharply on wheat on the day. Funds turned sellers today with 5000 contracts sold in corn by late morning. Traders said that the weakness stems mainly from renewed economic worries despite several weeks of bailouts and stimulus packages. This is raising concern over further commodity deflation and demand destruction for meat in a weakening economy. The largest US poultry-producing company, Pilgrims Pride, filed bankruptcy today in a move that was widely anticipated. This week's export inspections in corn were 32.580 million bushels. Cumulative inspections stand at 21.0% versus a 5-year average of 24.6%. Inspections need to average 37.812 million bushels each week to reach the USDA's projection for 2008/09. Basis levels at the Gulf were steady to start the week with traders citing a combination of weak demand and light farmer selling. Bids were more mixed along the river with weather in the Midwest expected to slow delivery of some previously sold corn.

January Rice finished down 0.15 at 13.06, 0.06 off the high and 0.12 up from the low.