(Bloomberg) -- Wheat futures in Chicago may rise, extending a rally to a seven-week high, after a government report showed increased freeze damaged to the U.S. crop. Corn prices may gain as wet weather delays planting.
An estimated 55 percent of the winter wheat crop was rated in good or excellent condition on April 15, down from 64 percent a week earlier, the U.S. Department of Agriculture said yesterday in a report. Temperatures dropped as low as 17 degrees for several hours in parts of Kansas on April 7. Damage occurs if temperatures fall below 24 degrees for two hours.
Read more at Bloomberg Commodities News
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