March Corn finished down 25 3/4 at 354 1/4, 24 1/2 off the high and 2 up from the low. July Corn closed down 25 1/2 at 376 1/4. This was 1 3/4 up from the low and 24 1/4 off the high.

The corn market moved sharply lower today despite a general lack of pressure from financial and energy markets. Traders said that a variety of fundamental and technical factors contributed to the slide. These included a continued erosion of demand, as traders reported that cheap feed wheat from the Black Sea Region and Western Europe was cutting into international feed demand for corn. Reports that one of the nation's largest ethanol producers may stop taking delivery of corn contracts that were priced at higher levels also contributed to the day's negative sentiment. Fund selling and commission house sell stops took corn to new lows on the day in early afternoon. Basis levels at the Gulf were also weaker this morning on poor demand and reports of an adequately stocked export pipeline. One analyst pointed out that US farmers may need to reassess their strong holding stance in the face of lower prices, although selling still remains light in the interior at this point. The Agriculture Secretary in Argentina reported that 72% of their corn crop is planted. There were also reports of some damage to corn from a frost in Argentina over the weekend. However, forecasts later in the session called for 1-3 inches of rain in major growing areas this weekend. This could greatly alleviate stress to the newly planted corn crop.

January Rice finished down 0.1 at 13.315, 0.015 off the high and 0.115 up from the low.