July corn opened 1 1/4 cents lower on the session at 595 and established an early range of 590 3/4 to 596 1/2. The market opened lower and gradually worked its way into modest new lows in early trade today. Traders are again blaming weakness on drier weather with forecasts continuing to call for mostly dry conditions across major growing areas into Sunday and minimal rains along a north/south band through the central corn belt on Monday. Funds were heavy sellers yesterday in corn and today the selling has been mainly local and commission house in the early going. The USDA has been directed by the Senate Energy Committee to report on the impact of energy needs on food costs by May 30th and this may raise renewed concerns about the longer-term national mandates for ethanol production and blending. The Baltic Exchange's sea freight index hit a new record high today, eclipsing the all-time high set late last year. This week's Export Sales Report showed a corn total near the high end of trade expectations. Net sales were 547,200 tonnes in old crop and 139,300 tonnes in new crop. Sales of 394,500 tonnes are needed each week to reach the USDA old crop projection. Total sales to date stand at 89.9% of the projected total compared to a 5-year average of 81.1%. Basis level at the Gulf are said to be steady this morning in light trade.