July Chicago wheat traded 5 cents lower overnight as storm systems swept through parts of the western Corn Belt. Negative economic activity for China has the U.S. Dollar trading marginally higher against the Euro. Paris Milling Wheat is down.75 Euros. The outside markets are of no help this morning with the U.S. Dollar marginally stronger against the EURO, Aussie, and Yen. Weakness in outside markets and some uncertainties for the other grains could spark a short-term correction for wheat. July Chicago wheat has come under pressure in the initial morning trade after failing to test yesterday's highs, near 665. Calendar spreads are weaker across the board with the July vs. September moving a quarter cent lower, at 19 1/4. Following yesterday's anticlimactic comments from the Fed, it seems the markets have regained their focus on international growth and the prospects of slowing world economies. Overnight, China PMI registered a 7 month low at 48.1 (Reading of 50 is middle ground between expansion and contraction). While imports of crude oil and copper have taken the brunt of the sluggish growth in China, May wheat imports (All origins) are up 5300% from a year ago. Australia exported 345,638 tonnes to China while the U.S. followed up with 115,500 tonnes. While the long term fundamentals are slightly positive for the wheat market, short term support is unlikely if the corn rally dissolves. U.S. wheat exports will come into focus today with initial estimates near 400,000 for the weekly update. As new crop wheat harvest progress across the northern hemisphere, the U.S. will once again come to grips with the competitive nature of the FSU wheat market, which could lead to a lower price trend in the first half of this crop year.