SINGAPORE- Chicago wheat futures rose to a one-week high on Tuesday, gaining more than 2 percent, as frigid temperatures in key US growing areas raised worries about global supplies.
Soybeans rose for a third consecutive session while corn bounced back.
“There are worries about winter kill for grains in the US,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities. “We think it is bit early to get worried but that is what is driving prices higher today.”
The most-active wheat contract on the Chicago Board of Trade was up 2.3 percent at $6.51-1/2 a bushel, after hitting its highest since Feb. 9 at $6.57 a bushel earlier in the session.
Soybeans gained 1.2 percent at $13.88-3/4 a bushel and corn added 1.4 percent to $5.46 a bushel.
Commodity Weather Group last week estimated that 10 percent of the US soft wheat crop and 15 percent of the hard wheat crop were at risk of damage from winterkill caused by freezing temperatures.