US wheat futures rose on Wednesday, led by gains in the K.C. hard red winter wheat contracts, on concerns about crop damage in key US growing regions resulting from cold conditions and sparse snow cover, traders said. The most-active K.C. hard red winter wheat contract, which hit a six-week high, was on track for a fifth straight day of gains following a government report that crop conditions in the US Plains deteriorated during December.

Sub-zero temperatures and forecasts for continued dryness raised the prospect of a reduced harvest. Soyabean futures also were firm, underpinned by strength in crude oil as well as concerns about dry conditions in No 3 exporter Argentina that are cutting into yield potential.

Corn futures weakened after touching a four-week high, with rally attempts stifled by technical selling. At 10:40 am CST (1640 GMT), K.C. hard red winter wheat for March delivery was up 4-3/4 cents at $4.39-1/2 a bushel. The most-active contract peaked at $4.41-1/2, its highest since November 22.

CBOT March soft red winter wheat futures were 2 cents higher at $4.35-1/2 a bushel. The US Agriculture Department said on Tuesday afternoon that winter wheat in Kansas, the top production state for the grain, was rated 37 percent good to excellent, down from 51 percent at the end of November. A year ago, the state's winter wheat crop was rated 44 percent good to excellent. CBOT March corn futures were down 1/4 cent at $3.53 a bushel. Prices firmed early but weakened after failing to break through the 50-day moving average. CBOT March soyabean futures were 2-1/2 cents higher at $9.67-1/4 a bushel.

Copyright Reuters, 2018