December corn was up 7 1/4 cents late in the overnight trade. Outside markets looked positive with a weak US dollar and a bit more optimism after a compromise in Washington on the debt ceiling. December corn seemed to absorb plenty of bearish news last week. It closed moderately lower on the week but managed to stay in uts recent 2 1/2 week consolidation. While the short term weather outlook appears favorable and crop conditions might improve next week, there are more and more reports from the field of tip-back issues and even pollination problems, especially for crops in central Illinois, southeastern Iowa, Missouri, central and southern Indiana and western Ohio. Traders see crop conditions down 1-2% for this afternoon's update. A combination of less threatening weather and uncertainty for financial markets sparked a general long liquidation selling trend on Friday to send the corn market sharply lower for the session and to a lower close for the week. Weakness in outside markets, better than expected rains for Iowa and other parts of the Midwest during late last week, and ideas that better rain amounts will be moving into the central and southern Midwest over the next week along with cooler weather helped spark increased selling. End-of-week and end-of-month long liquidation selling from speculators added to the negative tone, with December corn moving to its lowest level since July 25th. Selling slowed into the mid-session as the US stock market turned from sharply lower to higher on the day. The Commitments of Traders reports as of July 26th showed non-commercial traders were net long 278,043 contracts, an increase of 1,870 contracts for the week. Non-commercial and nonreportable traders combined held a net long position of 185,972 contracts, a decrease of 7,088 for the week. Commodity index traders held a net long position of 372,148 contracts, up 3,870. The hefty net long position of the speculator suggests increased selling "if" support levels are violated.