May wheat was trading 1 cent lower late in the overnight session but this was up more than 4 cents from the overnight lows. Outside market forces look negative for grain markets today with a strong US dollar and weakness in metal and equity markets. The market was down sharply this morning and down to the lowest level since January 20th but news that Egypt bought 180,000 tonnes of US soft red winter wheat was enough to support a bounce. News that Russia did not even make offers was seen as positive and traders see the fact that US was lower than French offers as a positive development. May wheat closed moderately lower on the session yesterday and pushed to the lowest levels since January 23rd. The market saw some early buying support for a bounce but selling emerged to pull the market back down to near last week's lows into the mid-session. Outside market forces were positive to start the session but moves in the dollar and equity markets were tempered into the middle of the session and then turned negative late and this helped pressure grain markets late in the day. Saudi Arabia is in the market for 330,000 tonnes of hard wheat. India is allowing state owned entities to export wheat and rice even though there has been no formal announcement. There is some moisture in the forecast for the next week or more for the southern plains hard red winter wheat area. Taiwan bought 85,050 tonnes of US wheat for March/April delivery. For the weekly export sales report, for release this morning, traders see wheat sales near 525,000 tonnes.