September wheat was down 7 cents late in the overnight session. Outside market forces look bearish today due to a strong US dollar. The market is down sharply off of the late May peak, as increased pressure from the harvest of the winter wheat crop, long liquidation selling spurred by bearish macroeconomic developments in Europe, increased concerns that Black Sea producers will be more aggressive exporters ahead and much improved weather for Europe are all seen as negative forces. European futures hit a new one-month low overnight, even with weakness in the Euro. Traders are bracing for Russia to become an aggressive exporter after July 1st. Indonesian wheat imports are expected to rise 10% this year to 4.67 million tonnes. The market closed sharply lower on the session yesterday, and including overnight action, September wheat is down as much as 92 1/2 cents from last Thursday's highs. July Minneapolis wheat was down as much as $1.88 1/2 in just eight trading sessions. While traders see some feed value in wheat at current levels, the collapse in corn and the surge higher in the US dollar appear to be keys to the aggressive selling yesterday. Algeria bought 350,000 tonnes of optional origin wheat at their tender, and traders thought the business went mostly to France. Ideas that Russia, Ukraine, Europe and Australia will be stiff competition for US exporters in the months just ahead added to the negative tone. More rain in the forecast for Europe plus more talk of increased harvest pressures in the US were also seen as negative forces. The surge in mice population is becoming a bigger problem in Australia for the 2011/12 wheat crop. Saudi Arabia is tendering for 330,000 tonnes of wheat, and Japan is tendering to buy 259,303 tonnes.