December Corn finished down 16 at 548 1/2, 14 1/4 off the high and 6 up from the low. March Corn closed down 16 at 567 1/4. This was 6 1/4 up from the low and 14 3/4 off the high.

The corn market opened sharply lower on what traders said was a reaction to lower crude, a higher dollar and fears of a global economic slowdown. This started in the overnight session and the market extended its losses during the day. Funds and commission houses were heavy sellers. Funds were sellers of at least 6,000 contracts today, a heavier pace of selling than was seen in other grain pits according to floor traders. Corn gained on wheat on the day. The USDA released its Export Sales Report this morning, one day late due to the Labor Day holiday. Net sales for corn came in at 200,300 metric tonnes for the marketing year that ended on August 31st and 389,300 tonnes for the current year that began on September 1st for a total of 589,600. This was in line with expectations. Cumulative corn sales for 2008/2009 stand at 18.0% of the USDA forecast versus a 5 year average of 18.0%. Sales need to average 791,000 tonnes each week to reach the USDA forecast. Japan was the week's biggest buyer. Basis levels at the Gulf were steady this morning with loadings for export resuming today after being interrupted by Hurricane Gustav.

September Rice finished up 0.14 at 18.9, equal to the high and equal to the low.