May corn was trading 1/4 of a cent higher late in the overnight session. China futures were up 0.2% overnight. Outside market forces look mostly positive with a weak US dollar and strength in metal and equity markets. The lack of threatening weather on the horizon plus news that many producing areas received near 1 inch to as much as 3 inches of rain on the weekend was seen as a bearish force for corn. Traders see the large inversion of July over new crop corn, high cash basis levels and a surge in the May/July corn spread as factors which can help slow demand ahead and avoid extreme tightness into the late summer. Ideas that wheat is cheap and competing as a feedgrain and talk that the early planted crop will relieve supply tightness in August this year added to the negative tone. May corn closed moderately lower on the session yesterday as the mid-session bounce failed to attract new buying support and the market pushed down for new lows late in the day. The market saw more long liquidation selling pressures to push futures to the lowest level since March 30th. A good rain event for the western Corn Belt was seen as the primary negative force. Ideas that corn weather is still favorable to a good start to the growing season and a long liquidation selling trend noted in the Commitment-of-Traders report helped to pressure. Traders thought that planting progress this week would be near 17% complete from 7% last week. Some estimates were over 20%. Traders see a slowdown in planting early this week but with a warm and dry 6-10 day forecast for much of the Midwest, traders see corn plantings at or near a record pace by the end of the month. China demand concerns and weakness in the other grains added to the negative tone. A fire in the USDA building caused weekly export inspection data and corn progress and condition reports to be delayed. Late yesterday, weekly export inspections came in at 42.87 million bushels which was sharply above trade expectations. Export shipments need to average just 30.9 million bushels per week to reach the USDA export forecast for the season.