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Drought conditions in the western plains and hopes that the US will begin to see an increase in export demand pushed Chicago March wheat to a new high on Tuesday.
Last week Chicago wheat ended sharply lower and near the bottom of the market's downtrending range.Portland grain handler labor issues still have not been solved, no word on how negotiations how going.
Good rainfall in the western plains and eastern Corn Belt this week has provided substantial relief to some wheat growing regions which added extensive pressure to the new crop, 2013 contracts.
The supportive trade for wheat was linked to short covering following the steep decline in prices since Monday and the lower US Dollar.