July Corn finished up 2 3/4 at 599, 3/4 off the high and 13 3/4 up from the low. December Corn closed up 2 at 622 1/2. This was 13 1/4 up from the low and 1 off the high.

The market opened lower and gradually worked its way into modest new lows in early trade today based on drier planting weather so far this week and forecasts of dry and warmer weather in the western corn belt into the weekend. However, after trading lower to sharply lower for most of the day, corn rallied late in the session to close higher on the day in old and new crop contracts. This week's Export Sales Report showed a corn total near the high end of trade expectations. Net sales were 547,200 tonnes in old crop and 139,300 tonnes in new crop. Sales of 394,500 tonnes are needed each week to reach the USDA old crop projection. Total sales to date stand at 89.9% of the projected total compared to a 5-year average of 81.1%. The EU approved import licenses for 398,000 tonnes of corn this week which brings the total licenses for the year to date to 12.7 million tonnes. This compares to EU corn imports of just 4.9 million tonnes by mid May of last year. The USDA has been directed by the Senate Energy Committee to report on the impact of energy needs on food costs by May 30th and this may raise renewed concerns about the longer-term national mandates for ethanol production and fuel blending. The Baltic Exchange's sea freight index hit a new record high today, eclipsing the all-time high set late last year. Basis levels at the Gulf were steady today.

July Rice finished down 1.15 at 20.34, 0.55 off the high and equal to the low.