May corn was trading 5 3/4 cents lower late in the overnight session. Outside market forces look positive for today with a lower US dollar and some strength in metal and equity markets. China soybean buying, crop concerns in southern Brazil and strong demand news were all seen as positive forces last week but even with the positive news overnight, the market is under pressure this morning. 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 this week and this may be one of the factors contributing to the selling overnight. Planted acreage may be revised higher than the baseline projections which already showed 94 million acres planted. May corn closed 5 1/2 cents higher on the session Friday and this left the market with a gain of 9 3/4 cents for the week last week. Funds were noted as active buyers on Thursday and again on Friday. A slightly positive tilt to outside market forces, a jump in soybean values and continued positive news on exports helped to support the market. Private exporters reported a sale of 132,000 tonnes of US corn to South Korea. Optimism on a Greek financial bailout plus a firm tone to international equity markets added to the positive tone. Ukraine feed wheat exports have competed with US corn on the world market this year so traders viewed the news that Ukraine will limit wheat exports for the remainder of the marketing year as a positive development for US corn exporters. China corn imports for January totaled 751,000 tonnes as compared with 569,000 tonnes in December and just 1,878 tonnes last year. Australia officials believe Japan could buy near 500,000 tonnes of feed wheat this year as compared with near 100,000 as normal. The Commitments of Traders reports as of February 14th showed Non-Commercial traders were net long 228,687 contracts, a decrease of 4,626 contracts for the week and the selling trend is seen as a negative force. Non-Commercial and Nonreportable combined traders held a net long position of 95,430 contracts, down 11,820 for the week.