July corn was trading near unchanged into 7:30 AM central time. Outside market forces look negative again today with dollar strength and weakness in energy and metal markets. China futures were down 0.7% overnight. With December corn already down as much as 29 1/2 cents from Monday's highs, some believe the market has already priced-in the increased chances for rain across the heart of the Midwest next week. Traders now believe the high pressure ridge this week will break-down and bring cooler weather and rains across the central part of the country. US corn is still priced higher than Brazil corn which could keep export sales slow. However, this is offset by corn moving to a discount to some world and internal wheat prices and this may discourage wheat feeding ahead. Decatur corn basis slipped to 53 over July from 60 over the previous session and nearby barge bids slipped to near 80 cents over from 95 cents over last week. July corn closed sharply lower on the session yesterday and gave back much of the gains of the previous four trading sessions. Talk of improving weather for the Midwest for much of next week and an aggressive selling trend from fund traders in a wide range of other agricultural markets helped to pressure. Fund traders were noted sellers of near 25,000 contracts yesterday. The COT reports as of May 15th showed Non-Commercial traders were net long 126,154 contracts, a decrease of near 38,000 from the previous week and down 167,295 contracts since March 20th. Some traders see the weather outlook suggesting lower crop ratings ahead with too much heat and not enough rain for the southern half of the Corn Belt. Wire service reports overnight reported that China may hold off on buying US corn until September when they have a better idea on their own crop size. Traders see increased wheat feeding in China (estimated at 23 million tonnes) plus a lack of import quotas plus weaker feeding margins as reasons for the slowdown.