March corn opened 12 1/4 cents lower on the day at 383 and established an early range of 376 1/2 to 385 1/2. The lower open attracted a quick round of selling, mainly from specs, before prices recovered somewhat into mid session. Wheat gained marginally on corn in the early going. Losses in corn were credited to the sharp break in crude oil this morning as well as continued pressure in stocks. Traders said that weakness in equities is hurting corn due to evidence that it is suffering greater demand destruction from the economic slowdown than soybeans or even soybean meal. Trade sources indicate that China may step up its buying of domestic corn for strategic reserves. They had announced in recent weeks that they would buy 5.0 million tonnes for this purpose and it is thought that this number could go up substantially. Net weekly export sales for corn came in at 433,800 tonnes, all of it for the current marketing year. As of November 13, cumulative sales stand at 37.0% of the USDA forecast for 2008/2009 versus a 5 year average of 42.9%. Sales need to average 729,000 tonnes each week to reach the USDA forecast. Basis levels at the Gulf were steady this morning with demand continuing on the light side amid stiff competition from Brazilian corn and Black Sea feed wheat. Basis levels were also steady in the interior with farmers selling said to be very light.