July corn was trading slightly lower late in the overnight session. Outside market forces looked very negative today with a strong US dollar and weakness in metal, equity and energy markets overnight. There were no deliveries this morning. Aggressive long liquidation selling has hit old crop corn for the past three sessions and outside market forces look negative again today. Even news of simulative action by the China government has failed to support commodity markets over the weekend. Traders see warmer and mostly drier weather for the next two weeks and areas of the southern half of the Midwest and northern delta may remain quite dry. Only scattered light rains are expected for the northern Midwest for the next two weeks. While today's planting update may show normal to below normal progress for the week, the coming week looks to bring aggressive plantings. The weather outlook is also favorable to see the crop off to an excellent start. South Korea seeks up to 210,000 tonnes of corn and near 70,000 tonnes of feedwheat. July corn saw a late-day bounce Friday but still closed 6 1/2 cents lower on the session and down 39 1/4 cents for the week. Funds were noted as active sellers for the third day in a row. December corn pushed to 499 and the lowest level since December 17th of 2010 before closing at 505 1/4. Fund selling drove the market down to the lowest level since mid-March. December corn is down to the lowest level since December of 2010. Private exporters reported a sale of 300,000 tonnes of US corn to unknown destination split between the 2011/12 season and the 2012/13 season. The sharp break in soybeans helped to pressure for much of the day but talk of the oversold condition of the market and ideas that China is still an interested buyer on breaks helped to support. The Commitments of Traders reports as of May 8th showed Non-Commercial traders were net long 164,768 contracts, an increase of 4,257 contracts for the week. Non-Commercial and Nonreportable combined traders held a net long of 28,410 contracts, down 190. Commodity Index traders held a net long of 416,070 contracts, up 5,008 for the week and the buying trend of the fund traders is seen as a short-term positive force. Funds were noted sellers since Tuesday and trend-following fund traders held a net long of just 66,673 contracts. Some traders noted that funds sold near 45,000 contracts since Tuesday.