May wheat was trading 4 cents lower late in the overnight session. Outside market forces look slightly positive today with a weaker US dollar and some support from higher equity markets. Ideas that the coming season will still show ample world and US ending stocks helped to pressure the market overnight despite the positive tilt to outside market force. At the USDA Outlook Conference, USDA economists pegged US planted area at 58 million acres for the 2012/13 season, up 3.6 million from last year and up 1.5 million acres from the USDA baseline projections from just a few weeks ago. Spring wheat planted area is expected to jump after losing millions of acres to floodwaters last year. US ending stocks for the 2012/13 season are expected increase to 957 million bushels from 845 million this year and 862 million last year. May wheat closed moderately lower on the session yesterday and saw a strong recovery off of the mid-session lows. July wheat was down 11 1/2 cents at the mid-session and closed just 5 lower on the day. While outside market forces were positive, led by a weaker US dollar, wheat pushed lower led by talk of increasing supply this season. The International Grain Council raised their world production estimate for the 2011/12 season by 5 million tonnes to a record high 695 million tonnes. World wheat ending stocks are also expected to jump to a record high 211 million tonnes. Iran is in talks to import near 1 million tonnes from Pakistan in a barter deal. Spain bought 80,000 tonnes of US feed wheat. Algeria bought 300,000 tonnes of optional origin wheat and Tunisia bought 50,000 tonnes of optional origin. Traders see weekly export sales this morning near 700,000 tonnes from 427,900 last week. Morocco extended the suspension of import duties on soft wheat until the end of April.