December Corn finished up 2 at 596, 8 1/2 off the high and 10 1/4 up from the low. March Corn closed up 1 1/2 at 615. This was 10 up from the low and 8 off the high.

Funds were on both sides of the corn market today. The market opened higher in line with soybeans, but sold off to lower levels during early mid session along with a decline in wheat. Prices recovered from midday and on into the close with the market finishing slightly higher on the day. Corn gained sharply on wheat and generally kept pace with modest gains in soybeans. Traders said that the early strength stemmed from a sharp rally in crude oil prior to the open as well as a lower dollar. However, rains moved through Iowa and Minnesota this morning and the remnants of Tropical Storm Fay brought good coverage to southern and eastern Ohio. Further rain is forecast in the central corn belt tomorrow and Thursday. Spreaders were actively buying corn and selling wheat early in the session, and this continued as both markets moved lower. Basis levels for corn were steady to firm in the interior this morning. Movement is said to be very slow. Basis levels for nearby shipment have risen substantially in corn over the past week with more moderate increases seen for September delivery.

September Rice finished down 0.13 at 18.34, 0.35 off the high and equal to the low.