March corn was trading near unchanged late in the overnight session. Outside market forces look somewhat supportive today, with a weaker US dollar and higher trade for global equity markets. After the aggressive selling pace from fund traders in the past few weeks and a sharp drop in open interest, the more supportive tilt to outside market forces may help to provide some underlying support for corn. The Commitments of Traders reports as of November 22nd showed non-commercial traders were net long 172,619 contracts, a decrease of 47,989 contracts in just one week. The aggressive selling trend is seen as a short-term negative force. Non-commercial and nonreportable traders combined held a net long position of 76,813 contracts, down 73,765 in one week. The aggressive selling from speculators was partially offset by index fund buying. Commodity index traders held a net long position of 355,583 contracts, up 23,888. The early rally for March corn yesterday matched the Sunday night highs at 603, but after a burst of fund buying early, the market drifted back down to close under 600 for the third session in a row. The surge in energy prices and a strong tone to cash markets helped to support solid gains early. Taiwan is tendering to buy 23,000 tonnes of US corn and 12,000 tonnes of US soybeans. Weekly export inspections, released during the sesison yesterday, came in at 30.6 million bushels, which was near the high end of trade expectations but below the 34.6 million bushels necessary each week to reach the USDA projection. Crop conditions remain favorable in South America. Export demand has struggled recently with cheaper competition and increased feedwheat availability, but domestic demand appears strong due to stiff profit margins for ethanol producers and livestock operators. South African officials reported corn production for the 2010/11 season at just 10.3 million tonnes, down from 12.8 million last year and down from 11.8 million as the USDA estimate.