May corn was trading 1/4 of a cent higher late in the overnight session. Outside market forces look supportive this morning with a weak US dollar and strength in metal, energy and equity markets. The extremely tight old crop ending stocks outlook continues to provide underlying support and the outlook for a surge in production and ending stocks for the 2012/13 season continues to keep a lid on advances. Traders see negative news from the Agriculture Forum supply/demand outlook for late next week and also expect a continued decline in weekly ethanol production due out today. March corn closed sharply lower on the session yesterday and gave back nearly all of the gains from Monday. Speculative spread trading of buying soybeans and selling corn helped to pressure. A negative tone to outside market forces plus ideas that the late rally Monday was a bit overdone helped spark the early weakness. News from the baseline USDA data was viewed as a mixed bag. China import demand is expected to grow significantly in the next ten years. However, the baseline data also shows that US corn planted area for the 2012/13 season would be at the highest level since 1944 with a record production this season and also showed that ending stocks would more than double from 801 million bushels for the 2011/12 season. Yield was pegged at 164 bushels per acre for the 2012/13 season and trendline yields advance to 182 by the 2021/22 season. Weakness in wheat and a firm US dollar were also seen as negative factors yesterday as the outlook for record wheat production in Australia helped to pressure while further strength in soybeans helped support. South Korea feedmakers seek 350,000 tonnes of corn.