March corn opened 5 cents lower on the day at 375 and established an early range of 366 1/4 to 376 1/2. Corn opened lower in line with the close in the overnight session. It then encountered moderate selling by specs and funds that took the March contract substantially lower into mid session. Corn lost to wheat in the early going with moderate activity reported by spreaders in those markets. Traders say that concerns over fund liquidation deteriorating feed and export demand are putting pressure on corn futures this morning. Basis levels at the Gulf were also weaker this morning on poor demand and reports of an adequately stocked export pipeline. One analyst pointed out that US farmers may need to reassess their strong holding stance in the face of lower prices, although selling still remains light in the interior at this point. International sources report that cheap feed wheat from Western Europe and the Black Sea Region is intruding farther into corn usage as the year wears on. Dry and stressful weather in Argentina is failing to support the market this morning in the face of weakening demand. The Agriculture Secretary in Argentina reported that 72% of their corn crop is planted. There were also reports of some damage to corn from a frost in Argentina over the weekend.