March wheat was down 6 cents late in the overnight session. Outside market forces look quiet this morning. There were no new deliveries against the December contract this morning. The market continues to find pressure from fund trader selling and the poor export outlook as Russia, Brazil, Argentina and Australia wheat are still priced under US wheat and European exports are also much slower than normal. For the second half of the marketing year, increased competition from the southern hemisphere crops and/or a currency advantage for Europe could be issues to keep US exports slow. While traders do not see much in the way of changes for the US supply/demand report for Friday morning, world supply is likely to increase again with adjustments higher for Canada and Australia. World supply may be adjusted higher by about 2-4 million tonnes. World ending stocks in the November report were 202.6 million tonnes from 196.13 million last year. The France Farm minister today indicated winter wheat seedings for the 2012 crop at 5.06 million hectares which is up 1.2% from last year and matches the record high from 2008. March wheat closed sharply lower on the session yesterday and closed at the lowest level since November 28th. Ideas that US wheat is still not competitive on the world market, more deliveries and anther jump in deliverable supply helped to spark the early selling pressures. Big deliveries drove December wheat lower to close down 15 3/4 cents and this helped drag other contracts lower. Syria was a noted buyer of 100,000 tonnes of Black Sea wheat and Tunisia is tendering for 137,500 tonnes. Economic jitters out of Europe added to the negative tone and even a move from higher to lower in the US dollar failed to provide much support. Traders see weekly export sales for this morning near 375,000 tonnes.