December Corn finished down 17 1/4 at 527 3/4, 21 3/4 off the high and 5 1/2 up from the low. September Corn closed down 17 1/4 at 508. This was 5 1/4 up from the low and 21 3/4 off the high.

The corn market opened higher on a follow-through of a late firming trend in the overnight session. Prices worked higher over the course of the day before staging a late rally to new highs on the day. The EPA rejected Texas' request for a partial waiver of its ethanol mandate today as expected. They said that there was no evidence to support Texas' claim that full mandate would "severely harm" the US economy. The US Agricultural attache in Argentina lowered their estimate of 2008/09 planted area there to 2.95 million hectares with a lower yield as well that pushes the crop down to 21 million tonnes. This compares to a previous attache projection of 23.5 million tonnes. Exports were also dropped to 15 million tonnes from 16.5 million previously. Brazil raised its 2007/08 corn crop by 1 million tonnes to 58.5 million tonnes. The EU issued import licenses for 212,000 tonnes of corn, bringing the total issued since July 1 to 976,000 tonnes. South Korea is said to be in the market for 165,000 tonnes of corn for delivery in December, further evidence of increased export demand for corn following the sharp break in futures. This week's export sales for corn were above trade expectations. Net sales were 337,900 tonnes for old crop and 718,400 for new crop for a total of 1,056,300. Total old crop sales to date stand at 98.7% of the USDA forecast versus a 5 year average of 95.9%. Old crop sales need to average 184,000 tonnes each week to reach the USDA forecast. Japan was the biggest buyer in old crop with Japan and Mexico the biggest in new crop. The Scientific Service of the European Union has just estimated the EU's total 2008/09 cereal crop at 301 million tonnes compared to 258 million tonnes last year. This may be the highest estimate of that crop to date. Basis levels at the Gulf are said to be steady to firm in nearby positions on a continuation of strong demand for the corn export market amid continued light selling by farmers.

September Rice finished down 0.32 at 15.88, equal to the high and equal to the low.