July corn was trading about 2 cents higher into 7:00 AM central time and traded as much as 9 cents higher overnight. Outside market forces were seen as slightly positive this morning with a weaker US dollar and some strength in equity markets. After a week of dry weather for much of the central and southern Midwest and a 10-day outlook which does not include much rain for this region, traders see the need for building a bit of a larger premium in case the pattern continues. High temperatures are expected in the next few days as well. December corn took over as the leader for the first time in a long time on Friday as a less than perfect weather outlook and some second-guessing on using a record yield helped to support. December corn is already up as much as 50 1/2 cents from the May 11th lows. July corn saw solid gains again on Friday with support from wheat and strong cash markets. This pushed the market to the highest level since April 10th. For the first crop condition report of the year, traders see the corn crop near 70% good to excellent from 63% last year. A continued firm cash market and some continued uncertainty over a generally warmer and drier outlook for portions of the Midwest helped to support. July corn closed 54 1/2 cents higher on the week last week. The Commitments of Traders Futures and Options reports as of May 15th showed Non-Commercial traders were net long 126,154 contracts, a decrease of 38,614 contracts for the week and the selling trend is seen as a short-term negative force. Keep in mind; funds have trimmed their net long position by 167,295 contracts since March 20th. Non-Commercial and Nonreportable combined traders held a net short position of 12,758 contracts. These traders have gone from a net long to a net short position. Commodity Index traders held a net long position of 407,863 contracts, down 8,207. While the USDA is using a record 166 yield and ending stocks at 1.88 billion bushels, a 20 year trend yield of 160.5 bu/acre leaves ending stocks at 1.38 billion and this appears to be a more accurate estimate for now unless weather in June is near ideal.