July corn was trading 4 cents lower late in the overnight session. China futures were down slightly. Outside market forces look negative today with a sharp break in global equities, weakness in metal and energy markets and a firm US dollar. There were no deliveries this morning and none so far this month. New crop corn continues to find pressure from expectations of higher yield and a bumper crop this season. The earlier than normal planting pace has traders expecting the USDA to raise their yield estimate by 2-4 bushels for the this year above the March estimate of 164 bushels per acre. This has traders looking for ending stocks for the 2012/13 season near 1.7-1.9 billion bushels as compared with 801 million this season. Trend yield is 160.5 and last year's yield was 147.2. Traders see corn plantings for tonight's update near 65-70% complete as compared with 53% last week and 32% last year. Hefty rain totals on the weekend should slow plantings for early this week but a mostly dry 10-day outlook leaves the crop off to a strong early start. Cash markets are red hot as futures have not followed the cash strength. Decatur Illinois bids jumped to 60 cents premium to July. The May/July spread pushed out as far as 49 cents as compared with the previous wide inverse of 26 cent in 1996. Continued talk of interest from China for old and new crop corn has helped provide some underlying support. July corn closed 5 3/4 cents higher on the session Friday and managed to close just 5 1/4 cents lower for the week. A bearish tilt to outside market forces with a firm US dollar and a sharp break in the stock market combined with the weather outlook was enough to keep selling pressure on the corn market early Friday to drive the market lower. Outside forces look similarly weak today. Funds were noted sellers again and the December corn pushed down to the lowest level since March 17th. The strong cash markets and a lack of deliveries against the May corn so far sparked a strong rally in May corn to pull the other months higher late in the session Friday. May corn pushed to the highest level since March 19th. Private exporters reported the sale of 240,000 tonnes of optional origin corn to Mexico and 116,000 tonnes to South Korea for the 2012/13 season. The Commitments of Traders reports as of May 1st showed Non-Commercial traders were net long 160,511 contracts, an increase of 14,366 for the week and the buying trend is seen as a short-term positive force. Non-Commercial and Nonreportable combined traders held a net long position of 28,600 contracts, up a solid 27,403 for the week. Commodity Index traders held a net long position of 411,062 contracts, up 3,455.