March corn was trading 3 1/2 cents lower late in the overnight session. Outside market forces look slightly negative this morning with a firm US dollar and weakness in metal markets. While old crop supply is tight and export demand looks strong ahead, the market continues to run into resistance to move to a higher price level due to the outlook for expanding ending stocks for the new crop season and sluggish demand from ethanol. Slow weekly export shipments were also a factor. March corn closed moderately higher on the session yesterday as fund buyers emerged late in the day to pull the market off of the late-session lows. A bullish tilt to outside market forces like the stock market and the US dollar weakness were factors to support the market early. Sluggish export news and news of negative profit margins for ethanol processing plants for the third week in a row helped to limit the advance. A bounce off of the lows for the US dollar and weakness in metal markets may have sparked some of the selling after the early bounce. Weekly export inspections came in at 29.01 million bushels which was well below trade expectations. Export shipments need to average just 31 million bushels per week for the rest of the 2011/12 season to reach the projection. Shipments have reached 44.9% of the USDA forecast for the season as compared with 42.8% as the 5-year average for this time of the year. The USDA baseline outlook for the 2012 season shows total planted area at 94 million acres from 91.9 million this season. Ending stocks for the 2012/13 season would come in at 1.623 million bushels as compared with 801 million for this season. This is not surveyed data but just the initial best-guess estimates from the USDA put together in November as part of the budget process. This would be the highest planted area since 1944. The baseline report also showed import demand from China for 2012/13 could be 4.9 million tonnes and China import demand grows to 18.1 million tonnes by the 2021/22 season.