March corn was trading 7 1/4 cents higher late in the overnight session. Outside market forces look positive today with a lower US dollar and strength in metal and energy markets. The market faces mixed fundamental news today. Argentina grain weather is improving and this may help to stabilize any losses and could benefit some late planted corn. Outside market forces are positive and fund traders appear more willing buyers of grain in recent days. Cash traders indicate that Japan has bought near 330,000 tonnes of corn from Argentina and has also bought 1.5 million tonnes of European corn. There is also talk that Japan seeks 1 million tonnes of US corn. This has traders a bit nervous that higher US prices could slow export demand. Weekly export inspections came in at just 22.69 million bushels which was well below trade expectations and compares with an average of 31.3 million necessary each week to reach the USDA estimate for the 2011/12 marketing year. March corn closed moderately lower on the session yesterday with funds noted as fairly active sellers on the day. An improved weather outlook for South America plus a turn down in outside market forces helped to drive the market sharply lower early in the session. On top of the strong US dollar and a sharp break early in the day for the US stock market, spot basis bids were lower at several locations including the gulf. The rally last week helped to pry some corn away from producers. Argentina looks to receive several rain systems in the next few weeks and this helped to pressure the market as well yesterday and traders see southern Brazil receiving rains by later this week.