March wheat traded 8 cents lower late in the overnight session. Outside market forces look negative this morning with a firm US dollar and weakness in metal and energy markets. While traders see a slightly tighter ending stocks outlook for the old crop season, global ending stocks in the January supply/demand update were at a 10-year high and US soft red winter wheat ending stocks were at a record high. Without help from outside market forces or from continued weather issues, the new crop outlook could add to the stocks outlook. Ideas that the Black Sea region may be forced to absorb another blast of cold air next week and talk of significant short-covering from fund traders helped to support the strong close and close near the highs of the session yesterday. The COT reports as of January 31st showed Non-Commercial traders were net short 36,852 contracts, a decrease of 21,128 contracts for the week and the aggressive short-covering trend is seen as a short-term positive force. Continued ideas that the US is more competitive on the world export market helped to support. Fund buying came as a bit of a surprise with a strong dollar and weakness in other commodity markets yesterday. Weekly export inspections came in at 14.5 million bushels which was well below trade expectations. This compares with 16.67 million necessary each week to reach the USDA projection for the year. While Russia is not expected to limit exports in the months ahead, traders see slow movement out of the Black Sea region due to very cold weather. Some traders see a slight decline in US and World ending stocks for Thursday morning's USDA report. Indonesia may import as much as 5.8 million tonnes of wheat this season due to the expanding flour mill industry.