March wheat traded 11 1/2 cents higher late in the overnight session. Outside market forces look positive today with a weaker US dollar and strength in metal and equity markets. The market pushed sharply higher overnight to push to the highest level since November 9th as cold weather, fund buying and improving global commodity demand were all seen as positive forces. Some COT categories showed a record net short positioning from fund traders as of January 24th and traders have expected short-covering but open interest has pushed to the highest level since April on the rally this week. Lows of six to fifteen degrees below zero Fahrenheit into the Black Sea region were seen as cold enough to harm uncovered winter wheat. March wheat experienced another round of buying support yesterday to drive the market to the highest close since November 8th. Fears of winterkill damage for parts of the Black Sea region and parts of Eastern Europe helped to support strong gains early yesterday and the buying pushed the market up to the highest level since January 3rd. A Russia state forecaster indicated some possible damage down in southern Russia. Traders are also concerned that Russia exports will slow in the months ahead as the country considers export duties in the next few weeks. Talk that the hefty (near record) net short position from fund traders might spark aggressive short-covering over the near-term helped to support. Ukraine's state weather forecaster indicated that the winter crop could fall 10 to 14 million tonnes due to poor weather during planting and from winter damage. European wheat futures surged to a 7-month high overnight on the cold weather news.