* CBOT March corn settled down 3/4 cent at $3.82-1/4 per bushel, turning lower after touching $3.84, its highest since Dec. 19.
* The contract pared declines toward the close, briefly trading unchanged.
* Selling pressure was noted from traders adjusting positions ahead of the annual rebalancing period for major commodity index funds.
* Traders expect the index funds to sell CBOT corn and wheat futures while buying soyoil futures as they adjust portfolios during a five-session period starting Tuesday.
* Market underpinned by a weaker dollar, which tends to make US grains more competitive globally.
* The US Department of Agriculture reported export inspections of US corn in the latest week at 501,541 tonnes, below trade expectations for 650,000 to 1,000,000 tonnes.