May wheat was trading 1 1/2 cents higher late in the overnight session. Outside market forces look slightly negative with a stronger US dollar and firm trade in the US stock market. The market saw an impressive bounce off of the lows but crop weather seems to be improving and traders see just minimal damage from the cold weather all the was down into central Kentucky yesterday. The light frost damage may be offset by improving winter wheat crop conditions seen in recent weeks and more rain for much of the central plains and southern Midwest in the forecast for the next 3-4 days. In addition, traders see better rain chances for the dry areas of Europe in the next few weeks. Libya bought 30,000 tonnes of wheat from Russia overnight. Morocco bought 180,000 tonnes of soft wheat overnight. May wheat closed sharply higher on the session yesterday but the market put in the highs of the day in the first 1/2 hour of trade. Fears that the temperatures were cold enough to cause some damage in the eastern and southern Corn Belt helped to spark short-covering. Funds held a hefty net short position in the last COT report. A bullish tone to outside market forces and talk that US wheat will be competitive on the export market ahead added to the positive tone. Weekly export sales were 452,100 tonnes for old crop and 90,400 for new crop for a total of 542,500. As of April 5th, cumulative wheat sales stand at 96.5% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 94.3%. Sales of 116,000 metric tonnes are needed each week to reach the USDA forecast. With good weather for planting ahead, Minneapolis July wheat closed slightly lower on the session.