December Corn finished up 10 1/2 at 677 1/4, 1 3/4 off the high and 20 1/4 up from the low. September Corn closed up 10 1/4 at 658 1/2. This was 19 1/2 up from the low and 1 3/4 off the high.

Corn opened 4 3/4 cents lower in the December contract and fell sharply into mid session. Prices recovered to trade just above the early lows into early afternoon before making new lows into the close. Favorable crop weather with rain forecast over most major growing areas over the next 3-5 days was the primary reason for the early break according to floor traders. The defeat of Argentina's proposed tax on exports of soybeans and other commodities was said to weigh heavily on the soybean complex throughout the day. This, plus the mid morning slide in crude oil, generated spillover selling the grains according to traders. Cash markets remained quiet today. Basis levels in the interior were firm again due to light farmers selling while river points were said to be weak reflecting soft short-term export needs. The USDA released its weekly Export Sales Report today, and traders said that the numbers for old and new crop combined were slightly above expectations. Net old crop sales were 369,200 tonnes with net new crop sales at 466,800 tonnes. Weekly sales of 207,700 tonnes are needed to reach the USDA projection for the current marketing year. Total sales to date stand at 97.6% of the projected total compared to a 5-year average of 94.0%.

September Rice finished unchanged at 17.8, equal to the high and 0.18 up from the low.