Wheat Extends Gain on Worries Freezing Weather Will Hurt Crops

Wheat futures rose for a second day in Chicago amid concern freezing weather in the US and Russia could damage crops, while traders kept an eye on geopolitical tensions.

Prices have been supported by record-low temperatures across the central and eastern US. Severe cold is set to sweep across key winter-wheat regions in the coming days, though nationwide damage should be limited, partly due to snow cover protection, said Tom Whittaker, a meteorologist at Aura Commodities.