July wheat opened 1 cent lower this morning at 803 1/2 and established an early range of 796 to 811 3/4. Wheat traded in a narrow mostly lower range in early trade today in the face of weaker than expected trade in corn and a continuation of the sell off that started at the end of last week following reports that the US winter wheat crop will be larger than expected. Reports of a freeze in the central Plains over the weekend failed to support the market as agronomists say that the crop is not far enough advanced this year for a freeze to cause serious damage. Wheat also shrugged off reports that the large wheat producing state of New South Wales in Australia is experiencing drought in 48% of its wheat areas. Some forecasters are calling for rains in parts of NSW later this week and into the weekend. This week's export inspections were 20.590 million bushels. Weekly inspections of 32.532 million bushels are needed to reach the USDA projection. Total inspections to date stand at 91.7% of the projected total compared to a 5-year average of 91.1%. RICE: July rice opened higher and moved lower in early trade. Traders indicated that the weakness came on profit-taking and weakness in wheat and corn.