May wheat was trading 4 3/4 cents higher late in the overnight session. Outside market forces look neutral. May wheat is already down as much as 44 1/4 cents off of Monday's highs and the market is going into the USDA report with a short-term oversold condition. As a result, the market may need some negative news from the reports to follow-through to the downside. Traders see US ending stocks near 838 million bushels from 845 million last month due to higher exports. Traders also see world ending stocks near 212.6 million tonnes which would be down from the record high 213.1 million posted last month. For the new crop season, traders in Europe see Germany production up near 24.2 million tonnes from 22.7 million in 2011. May wheat closed sharply lower on the session yesterday and experienced the lowest close since February 15th. The weaker US dollar and a more positive tilt to outside market forces plus news of Egypt buying US wheat plus better than expected weekly sales totals helped support the market early. However, fund selling emerged again to drive the market lower and pushed futures to the lowest level since February 27th. Net weekly export sales for wheat came in at 446,700 metric tonnes for the current marketing year and 131,400 for the next marketing year for a total of 578,100. As of March 1st, cumulative wheat sales stand at 91.8% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 88.2%. Sales of 166,000 metric tonnes are needed each week to reach the USDA forecast. Egypt bought 60,000 tonnes of US wheat. Ideas that Russia may be a more active seller into the new crop season and talk that the weather forecast for the northern plains offers more relief from the dry conditions of the winter may have been factors to help pressure the market.