December Corn finished down 21 1/2 at 628 1/2, 27 3/4 off the high and 1 1/2 up from the low. September Corn closed down 21 3/4 at 609 1/2. This was 1 1/4 up from the low and 27 3/4 off the high.

Corn opened lower today. A very early rally failed and prices moved continuously lower to sharply lower levels into early afternoon. The December contract moved below its 100-day moving average today which traders say may signal further liquidation selling by commission houses and funds. Corn lost substantially to wheat on the day with active trade reported in that spread. The forecast for warm and wet weather over the weekend and into next week is warm with normal to above normal rains in most growing areas, especially in the NW half of the corn belt. Many traders and analysts consider this to be nearly ideal weather for the corn crop at this stage of its development given the lateness of crop progress. This forecast pushes favorable weather into the early stages of pollination which is eroding the chance of any significant weather damage occurring for this year's crop. The USDA has said that an announcement regarding the release of additional acreage from the CRP for crop production is imminent. However, a Federal judge said yesterday that it is likely the USDA ignored environmental rules in its recent decision to allow haying and grazing on millions of acres of CRP land. This raises the likelihood of further litigation if the USDA actually releases land for new planting. Basis levels at the Gulf were steady to lower this morning on weak export demand. Export premiums are said to be falling for Argentine corn, further eroding demand for US corn.

September Rice finished down 0.03 at 17.8, 0.2 off the high and 0.1 up from the low.