May wheat was trading 7 1/4 cents higher late in the overnight session. Outside market forces look positive today with solid gains in equity markets overnight and a weaker US dollar. The market is finding strong support from outside market forces this week plus a jump in the other grains. The market has absorbed lots of bearish supply news in the past week with the USDA outlook for expanding production for the 2012/13 season. May wheat closed sharply higher yesterday bolstered by carryover support from the soybean complex and rising macro-economic sentiment. Snowfall over the Northern Plains may have eased concerns with this season's crop and kept wheat prices under pressure early. A turnaround in the US stock market helped to support. Export Inspections for wheat last week were 9.375 million bushels which was well short of expectations. Shipments need to average 16.4 million per week to reach the USDA projection for the year. Projections for a 2.5% rise in European Union wheat production for the 2012/13 season helped to pressure early and talk of a record or near record net short position from fund traders (depending on the category) for wheat was seen as a factor which leaves the market vulnerable to short-covering. Some traders see Russia exporting 28 million tonnes of grain for the 2011/12 season which is up 3 million from previous estimates.