May corn was trading 2 1/4 cents higher late in the overnight session. Outside market forces look positive today with higher equity markets and weakness in the US dollar. Talk of easing in China added to the positive tilt. Old crop corn remains in a consolidation pattern over the past month as traders see high cash basis levels, wide old crop/new crop spreads and an ample supply of feedwheat on the world market as factors which will help ration tight old crop supply into the new crop season. Traders see higher exports and lower ending stocks for the March USDA supply/demand outlook due to tightening South America supply. If exports are raised 50 million bushels, ending stocks could slip to near 750 million bushels or a stocks/usage at 5.8% which would be the second lowest on record (5% in 1995/96). May corn closed higher on the session yesterday with the highest close for nearly three weeks. A stronger Dollar and residual Euro zone debt anxiety put corn prices on the defensive early. However, carryover support from a strong soy complex helped to lift corn prices into positive territory by the close. There were reports that funds were fairly aggressive buyers during the session. Export Inspections for corn last week were 27.037 million bushels which was lower than expected and compares with an average of 31 million per week to reach the USDA projection for the year. Talk that China could be a steady buying of old crop corn over the near-term helped to support. December corn is in a choppy downtrend for fear that ending stocks will jump to near 1.616 billion bushels for the new crop season with a 12% stocks/usage.