July Corn finished down 14 1/2 at 614 3/4, 16 3/4 off the high and 1 up from the low. December Corn closed down 12 1/4 at 637 3/4. This was 2 1/4 up from the low and 14 3/4 off the high.

The July contract established a broad range very early in the session and spent much of the session chopping lower from the mid point of that range. The July contract broke through the low end of the day's range late in the session before closing just off the new low. Weather forecasts that were drier than previously expected were blamed for much of the weakness today. This is expected to allow farmers to accelerate the planting rate for corn as the week wears on. Disappointing export inspections were said to have added to the negative tone. This week's export inspections for corn were 34.263 million bushels. Weekly inspections of 48.084 million bushels are needed to reach the USDA projection. Total inspections to date stand at 68.7% of the USDA forecast for the season compared to a 5-year average of 64.5% for this time of the year. The USDA will issue its Crop Progress Reports this afternoon at 3 pm and traders are expecting progress at about 45-50% according to floor traders. This compares to 71% planted at this time last year and a 10-year average of 72%.

July Rice finished down 0.235 at 22.74, 0.46 off the high and 0.38 up from the low.