March corn was trading 8 cents lower late in the overnight session. Outside market forces look negative today with a sharply higher US dollar and weakness in metal and energy markets. The market closed at the highest level since January 11th on Friday but less weather support from Argentina and talk of the overbought condition of the market helped to pressure overnight. A set-back in the corn basis and a bearish tilt to outside market forces added to the negative tone. Increasing open interest on the rally and tightening old crop supply are seen as positive short-term forces. Traders see US exports on a faster pace that the current USDA estimate and if exports are revised higher, ending stocks could tighten further. Demand is stronger than expected from Mexico and Argentina exports will need to be cut due to smaller crop. March corn closed 7 1/4 cents higher on the session Friday and near the highs of the day as fund trader buyers were active late in the session. This left the market up 30 1/4 cents for the week. The improving export outlook on continued concerns from major world importers that Argentina may not be much of an exporter for the rest of the season helped to support strong commercial demand as well. A positive tilt to outside market forces with further weakness in the US dollar and a bounce in metal and energy markets added to the positive tone as traders see global investors more and more interested in holding long positions in key commodity markets. Index funds expanded their net long position in 10 of the 12 Agricultural markets covered in the supplemental COT report. Private exporters reported a sale of 170,200 tonnes of US corn to Mexico. South Korea is tendering for 250,000 tonnes of corn for May/June delivery. December corn closed 5 higher on the session Friday and gained 19 1/4 cents for the week. The Commitments of Traders reports as of January 24th showed Non-Commercial traders were net long 181,848 contracts, a decrease of 15,004 contracts for the week and the selling trend is a short-term negative force. Commodity Index traders held a net long position of 348,053 contracts, up 4,255 for the week and the strong buying trend from index fund traders is a supportive development. The index fund net long position peaked at 503,937 contracts in August of 2010.