December corn opened 28 3/4 cents lower on the session at 409 1/2 and established an early range of 408 1/4 to 410 1/2. A negative supply and demand report added to the negativity that the corn market exhibited in the overnight session. The combination took corn to limit down in the first minutes of the day session. Traders indicate that the attempted selling volume was heavy with locals, funds and commission houses all participating. The USDA pegged US corn yields at 154 bushels per acre versus 152.3 on the September report. Planted area was revised lower which left 2008/09 production at 12.2 billion bushels compared to 12.07 billion bushels last month. This is about 135 million bushels more than traders expected. Ending stocks were raised to 1.154 billion bushels compared to 1.018 billion bushels last month and beginning stocks were raised to 1.624 billion due to the jump already seen on the September Quarterly Stocks Report. Traders expected ending stocks near 1.13 billion. The USDA revised ethanol usage down by 100 million to 4 billion bushels and revised feed usage up by 150 million to a total of 5.35 billion bushels. Keep in mind that the USDA has for several months been projecting a sharp drop in 2008/09 feed usage compared with last year. This simply implies that the drop will be smaller. World ending stocks were adjusted lower to 107.7 million tonnes from 109.9 million last month for the 08/09 season which compares with 122.9 million tonnes last year. China numbers were left unchanged but Brazil production was down 2 million tonnes. Basis levels started the morning steady at the Gulf amid a slowdown in trade due to both the massive sell-off in stocks as well as the fact that futures prices were locked limit down.