December Corn finished down 30 at 424, 24 off the high and equal to the low. March Corn closed down 30 at 442 1/2. This was equal to the low and 24 off the high.

A sharply lower open in corn was followed by a modest bounce into mid session. However, buyers were scarce on the early attempt at a rally, and fund selling took the December contract and other contracts to limit down by late morning. Funds were sellers of at least 7000 contracts and there were up to 45,000 contracts offered for sale at limit down electronically late in the session. Corn finished limit down. This week's export inspections were 33.5 million bushels, down from last week's total of 40.5 million bushels. Inspections need to average 38.5 million bushels each week to reach the USDA projection for the marketing year that started on September 1st. Basis levels at the Gulf were mostly steady to start the week. This follows a week where levels rose in response to a sharp drop in futures prices. Barge freight markets were higher along the river and traders say that recent declines in ocean freight rates have stimulated some export buying interest. However, traders say that the credit crisis has disrupted the availability of export letters of credit and that this is holding back the level of trade.

November Rice finished down 0.705 at 17.64, 0.05 off the high and 0.045 up from the low.