December Corn finished down 30 at 408 1/4, 20 3/4 off the high and equal to the low. March Corn closed down 30 at 425 3/4. This was equal to the low and 24 1/4 off the high.

Negativity reigned across financial and commodity markets worldwide today amid a combination of heavy liquidation and an asset switch to the dollar and gold. This drove corn and soybean futures contracts to limit down soon after the open and that is where prices remained into the close. Options on the December futures contract traded at a synthetic level near 397 late in the session. The market traded lower overnight due in large part due to yesterday's late selloff in stocks, and the USDA's Crop Production and Supply and Demand Reports added to the negative sentiment prior to the open. 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. Ending stocks were raised to 1.154 billion bushels compared to 1.018 billion bushels last month. Traders had expected ending stocks near 1.13 billion. The USDA revised ethanol usage lower by 100 million to 4 billion bushels and revised feed usage up by 150 million. 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. This was due largely to a 2 million tonne drop in projected Brazilian production. 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 limit move in futures.

November Rice finished down 0.49 at 16.375, 0.245 off the high and 0.01 up from the low.