March Corn finished unchanged at 348 1/4, 6 1/4 off the high and 3 1/4 up from the low. July Corn closed down 1/4 at 369 3/4. This was 2 3/4 up from the low and 6 off the high.

The corn market followed a pattern today that was similar to wheat and soybeans. A lower open met with buying by specs and funds which took prices higher into mid session. Prices then eased gradually into the close with corn finishing the day mixed to fractionally lower. Corn gained sharply on wheat today. Funds were strong buyers of about 4000 contracts in corn by late morning. March corn took out yesterday's high before settling back into late morning. Mexico bought another 120,000 tonnes of US corn today. This comes in addition to the 330,000 tonnes announced yesterday by the USDA. A director at the US Grains Council said that it is possible South Korea will cut corn imports this year due to the continued intrusion of cheap feed wheat from the Black Sea Region into traditional US corn markets. Reports from Australia indicate that more than 1.0 million tonnes of hard wheat in the eastern wheat belt may be downgraded to feed quality, adding to the pressure that feed wheat is bringing to corn on world markets. Basis levels at the Gulf were soft for corn today as traders there report a continued lack of demand.

January Rice finished up 0.215 at 13.205, 0.095 off the high and 0.215 up from the low.