March corn was up 7 1/2 cents late in the overnight session. Outside forces look positive today. Fairly aggressive fund trader long liquidation selling was noted yesterday across a wide range of commodity markets and corn was no exception. The market is just coming off of recent contract highs on Friday for March corn and on Monday for new crop December corn. Traders see the need for 4-5 million more planted acres this year but recent private estimates do not show this magnitude of expansion. Traders are also watching demand numbers closely and recent moves to contract highs for livestock futures plus news that cattle feedlot supply is up 5% from last year suggests that demand may be strong. Weekly export sales are still on pace to reach the USDA projection for the year. Traders will monitor the weekly ethanol production report today to see if higher prices are slowing demand. The market closed sharply lower on the session yesterday but managed a 5 cent bounce late in the day. Outside market forces, uncertainty for European economic conditions and a general sell-off in equity and commodity markets helped drive the market lower with fund traders noted as active sellers. The market saw a general long liquidation trend in commodity markets as a bearish signal this morning and corn selling was active early in the day. Ideas that the weather has improved in Argentina was seen as a negative force and traders see the lower energy price as a negative demand factor as well. Talk that the G20 should concentrate on increased regulation to control agricultural commodity inflation was seen as yet another reason for long speculators to move to the sidelines. Talk of the overbought condition of the market added to the negative tone with December corn coming off of new highs for the move on Monday.