March Corn finished down 6 1/2 at 396 1/2, 7 off the high and 1 1/2 up from the low. July Corn closed down 7 at 419. This was 1 up from the low and 7 off the high.

The corn market traded mostly lower in a narrow range today and ended the session near the lows of the day. Traders said that volume was light and featureless for most of the session although funds were said to be sellers of 3000 contracts through late morning. Forecasts of dry weather across the Midwest through this weekend may have also pressured the market with some traders thinking that the corn harvest may finally surpass 90% by the next harvest progress report. Weakness also came on ideas that demand destruction is continuing in corn, both in the export market and in terms of domestic feed demand. Dry weather persists in Argentina and that is said to be stressing the newly planted corn crop there. Acreage is projected to be lower this year compared to last year due to the high cost of inputs and the dry weather with the weather factor possibly causing further reductions in planted area according to local sources. Basis levels for corn at the Gulf have been under pressure since late last week and they remained under pressure today.

January Rice finished down 0.135 at 13.885, 0.275 off the high and equal to the low.