March corn was up 1 1/4 cents late in the overnight session. Outside market forces look a bit positive today with a lower US dollar and strength for equity, energy and metal markets. The market continues to suffer from cheap wheat and cheaper corn from India, Ukraine and Argentina, but cheap offers from Argentina for the spring are disappearing with the drier than normal forecast and some production uncertainties ahead. Recent focus has been on avoiding risk, deflationary concerns from the European situation and a slowing China economy. If these concerns subside, the market may see a need to build some weather premium for South America production. There are also more and more traders seeing tightening ending stock forecasts ahead if the final production estimates from the USDA on January 12th come in below the current forecast. March corn closed lower on the session yesterday and pushed to a new low for the move following a choppy and two-sided trade. In spite of a threatening weather forecast for South America, a lower US dollar and strength in the soybean market, the corn market managed to sell-off after the higher opening to push down to its lowest level since March 17th. Ideas that China will not need to be importing corn for quite some time and another setback in crude oil and gold helped to offset weather concerns. Weekly export sales, in the report released before the open yesterday, came in at 504,700 metric tonnes for the current marketing year and 1,200 for the next marketing year for a total of 505,900, which was about as expected. Cumulative corn sales stand at 57.4% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 48.4%. Sales of 452,000 metric tonnes are needed each week to reach the USDA forecast. Mexico was the strongest buyer of 315,300 tonnes of the total. The Argentina Exchange has corn plantings at 71% complete with some stress noted due to recent dry weather. Southern Brazil crops are much farther ahead, and rains will be needed late next week, as part of this crop said to be tasseling. Brazil looks to receive good rain, but Argentina could stay dry.