May corn was trading 3 cents higher late in the overnight session. Outside market forces look negative this morning with weak economic news from China and European debt concerns. While outside forces are weak, traders see the old crop tightness in supply as a key supportive force and the buying trend of fund traders as positive forces. High prices in China have also raised concerns that China will be a more active buyer of corn on the world market sooner rather than later. China's agriculture ministry last week warned that the grain crop this coming year should come in near 525 million tonnes from 571 million last year due to adverse weather, higher fertilizer costs and increased labor costs. May corn closed 1 cent higher on the session Friday and managed to gain 11 cents for the week. Weakness in outside markets plus a long liquidation trend from old crop/new crop spreaders helped to pressure the market early with May down as much as 7 cents on the day. Strength in wheat and soybeans late in the session helped pull the market to the highs of the day into the close. The market also found support from a jump in March corn which saw the highest close since early January. Talk that crop insurance guarantees for 2012 could encourage producers to plant more corn and less soybeans was also seen as a negative force. News that Brazil was selling corn into the domestic market in an attempt to hold down prices was seen as a positive force. Brazil plans to sell up to 700,000 tonnes of corn stocks into the domestic market. The Commitments of Traders reports as of February 28th showed Non-Commercial traders were net long 244,192 contracts, an increase of 35,844 contracts for the week and the buying trend is seen as a short-term positive force. Non-Commercial and Nonreportable combined traders were net long 120,317 contracts, up 36,478 contracts for the week. Commodity Index traders held a net long position of 378,624 contracts, up 20,057. Israel is tendering to buy 50,000 tonnes of corn and a South Korea feed company bought 126,000 tonnes of corn and 55,000 tonnes of meal. There have been no deliveries for March corn.