December Corn finished down 7 at 562 1/4, 14 1/2 off the high and 12 1/4 up from the low. March Corn closed down 7 at 581. This was 12 1/4 up from the low and 14 3/4 off the high.

The corn market opened lower and gradually moved higher over the course of the session to finish slightly higher on the day. Corn also posted slight gains versus wheat after losing sharply to that market on Monday and Tuesday. Funds were buyers of about 2000 contracts in early trade which reversed general selling pressure by funds in corn earlier in the week. The USDA will issue its weekly Export Sales Report tomorrow before the open. This is one day late due to the Labor Day holiday. The Mississippi River below New Orleans has reopened to traffic after being closed by Gustav. Rains across the central Midwest, with heavy amounts near the Missouri side of the Mississippi and later in Illinois are expected to raise water levels on the major rivers. Traffic has been restricted to one-way in spots on the Upper Mississippi at times over the past 2 weeks due to low water levels after a dry August. Russia has raised its total grain forecast for 2008/09 today to 93.2 million tons. This is up 4.6 million tonnes from August. The increase is due to good weather conditions in July and August for summer crops and excellent yields of winter grains. Barley production is forecast at 18.2 million tonnes. Corn production is forecast at 5.6 million tonnes. Traders at the Gulf report that grain loading may start there tomorrow. Elevators had been waiting for electrical service to resume over the past two days.

September Rice finished up 0.29 at 18.44, 0.06 off the high and equal to the low.