March corn was 3 1/2 cents lower overnight. The dollar was higher overnight with equities and crude oil under moderate pressure.

The past week's heaviest rains fell in Missouri, southern Iowa and central Illinois with more moderate totals spreading as far east as western Ohio and down into the mid south and Arkansas. Corn is already nearly done in the southern and SW areas, but some soybeans remain in the fields there. These latest rains slowed harvest, but did not entirely stop it since many fields had thoroughly dried out in the previous two weeks or so. Mostly dry conditions across the Midwest this weekend should result in modest harvest progress on next Monday's USDA Crop Progress report according to one analyst, although the next rain system could push into the southern Midwest from the south by Sunday or early next week. The 6-10 forecast calls for above normal rain in the eastern Corn Belt, but below normal rain in the west and some of this moisture could eventually come in the form of snow.

This week's export sales in corn were below trade expectations. Net corn sales were only 352,900 tonnes. As of November 12, cumulative corn sales stand at 35.0% of the USDA forecast for 2009/2010, falling even farther behind the 5 year average of 41.9%. Sales need to average 828,000 tonnes each week to reach the USDA forecast. Open interest declined marginally yesterday after advancing almost continuously during the month of November. Options on December futures contracts expire today.