May corn was up 2 1/4 cents late in the overnight session. Outside markets look positive today with higher energy and metal markets and a lower US dollar. There were 10 deliveries against the March contract overnight. A jump in gasoline prices plus lower natural gas prices are helping to boost the profit margins for ethanol producers and might help support increased corn usage. Traders await a supply/demand report this week and traders will continue to monitor the demand situation. Ending stocks have been revised lower for nine supply/demand reports in a row. Too much rain in Mato Grosso Brazil has slowed the soybean harvest but is also a concern for the second corn crop as the ideal planting window is nearly gone and harvest of soybeans has been delayed. Russia, South Korea and China have shown signs of lowering their import tariffs to ease inflation. Continued rumors of ethanol exports to Brazil and/or Europe due to talk that Brazil ethanol prices are 50 cents higher than US has helped support as well. May corn closed 8 3/4 cents lower on the session Friday but managed to gain 6 cents for the week. Light deliveries, stormy US weather and higher energy prices helped support the market early. However, there was a lack of new buying interest on the early rally and while July corn managed a new high for the move, May corn came up just shy of the February 22nd peak and long liquidation emerged to pressure. The choppy trade action continues as some traders see US rains as supportive and limiting early fieldwork while others see rain as negative as this will boost subsoil moisture. Similarly, some traders see higher energy prices as supportive in helping to boost ethanol producer margins while others see higher energy prices as a potential negative to the global economy and a reason for investors to shift money out of agricultural markets and to energy markets. Profit-taking from speculators appeared to be the primary negative force for the session on Friday. The Commitments of Traders reports as of March 1st showed Non-Commercial traders were net long 412,938 contracts, an increase of 4,426 contracts for the week. Commodity Index traders held a net long position of 390,263 contracts, down 4,446 contracts for the week.