July corn opened 7 1/2 cents higher on the day session at 637 3/4 and established an early range of 623 1/4 to 638. The July contract opened just below the new all-time high established near the close of the overnight session and sold off sharply into the early mid session today to trade lower into mid session. Traders indicate that the higher open came in response to the USDA's Supply and Demand Report that was released at 7:30 this morning. It raised ending stocks for the 2007/08 marketing year to 1.383 billion bushels compared to 1.283 billion bushels last month. This increase was due to a decline in estimated ethanol usage to 3.0 billion bushels for the 2007/08 crop year. For the 2008/2009 season, the USDA pegged ending stocks at just 763 million bushels. This was about 80 million bushels above expectations but well within the wide range of estimates. Ethanol demand is expected to jump to 4.0 billion for the next marketing year (2008/09). The USDA also assumes a 400 million bushel decline in corn exports next year and an 850 million bushel decline in feed usage. World corn ending stocks for the 2007/2008 season were pegged at 109.69 million tonnes vs. 102.97 million tonnes last month. New crop (08/09) ending world stocks were pegged at just 99.03 million tonnes. The 10 million tonne drawdown in ending stocks drives the world corn stocks/usage to just 12.6%. This is the lowest world ending stocks since 1983 and the lowest stocks/usage ratio since 1973. Wet weather with cooler than normal temperatures remains in the forecast for major growing areas well into next week. Corn made new opened Corn moved higher in early trade based on heightened concerns over planting delays in corn. Old and new contracts made another round of new highs for the day after 10:00 Central. This took the December contract to a new all-time high. July corn followed with a new all-time high after 10:15. Much of the Corn Belt has gotten 1-2 inches over the past day and a half, and more rain is expected on Sunday and again after Wednesday of next week. Traders fear that this could seriously delay planting progress in a number of key areas from today through the end of next week. This week's export sales came in at 337,200 tonnes for old crop and 63,300 for new crop. Sales of 403,300 tonnes are needed each week to reach the USDA projection. Total sales to date stand at 89.0% of the projected total compared to a 5-year average of 79.0%. Japan and Mexico were the biggest buyers. Basis levels at the Gulf were mostly lower for corn. Traders credited the basis weakness to slow export demand.