24-01-2014 05:39 AM | USA

Wheat snaps seven-week slump as freezing US may harm crops

Wheat advanced for a second day to head for the first weekly gain since November on concern that freezing weather may damage crops in the U.S., the top exporter.

The contract for March delivery climbed as much as 0.5 percent to $5.73 a bushel on the Chicago Board of Trade and was at $5.725 by 10:15 a.m. in Singapore. Prices are poised to advance 1.6 percent this week, after declining for seven straight weeks in the longest slump since October 2008.

Colder weather next week may damage as much as 25 percent of the Midwest crop and 10 percent of plants in the Great Plains unprotected by snow cover, MDA Weather Services said yesterday.
Full Story : Bloomberg