Chicago wheat futures climbed 2% on Tuesday to hit a one-week high as frigid temperatures in U.S. growing areas raised concerns about crop damage, reports Reuters.
The cold blast could hurt winter wheat crops in parts of the U.S. Plains where snow cover is lacking, although some traders said it was hard to judge at this stage.
"There are worries about winter kill for grains in the U.S.," Ole Houe, director of advisory services at agriculture brokerage IKON Commodities, told Reuters. "We think it is a bit early to get worried but that is what is driving prices higher today."