Corn Futures Trading Lower

March Corn is trading at 398, down 7 cents or about 1.7 percent. Trading is likely to be choppy. Chatter is focused on the USDA Crop report due out next week. Farmer selling continues to pressure corn prices on rallies. Domestic basis is steady -- the bitter cold temperatures tend to slow grain movement and animal feeders will likely increase usage, and is supportive. Market talk is looking at China auctioning off 5 million tonnes of corn and traders are looking at that to get a feel for demand.