CHICAGO--Wheat entered a bull market as drought in the southern Great Plains combined with robust exports of U.S. inventories boosts prices.
The front-month contract has risen 20% since Jan. 29, when the grain closed at the lowest in more than three years.
Dry weather in parts of Kansas, Oklahoma and Texas is threatening crops, while U.S. exports are up 28% from a year ago. U.S. exporters have shipped 23.1 million metric tons of wheat to overseas buyers since the start of the marketing year on June 1, according to the USDA.
Futures for March delivery rose 18 1/4 cents, or 2.8%, to $6.63 1/4 a bushel on the Chicago Board of Trade on Tuesday.
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(END) Dow Jones Newswires
March 11, 2014 14:43 ET (18:43 GMT)