U.S. wheat surged nearly 2 percent to a 4-1/2 month peak on Wednesday, a second straight daily advance, as a cold snap hit Europe, threatening the winter wheat crop, and Russia looked likely to curb exports.     
   
Corn and soybeans also rose for the second straight trading session, buoyed along with wheat by a weak dollar, stronger-than-expected economic data from China and Germany and
optimism that Greece's debt crisis will be resolved. 
   
Corn rose more than 1 percent to a three-week peak. Soybeans also gained more than 1 percent amid firm U.S. cash soy and news China, the world's largest soy importer, bought a couple cargoes of U.S. soybeans.     
   
The USDA reported a sale of 120,000 tons of U.S. soybeans to China for delivery this marketing year and also reported a sale of 120,000 tonnes of U.S. soft red winter wheat to an unknown destination, also for delivery this year.   
   
At 9:50 a.m. CST, CBOT March wheat was up 10-1/4 cents per bushel at $6.76-1/4, March corn was up 6-1/4 at $6.45-1/4 and March soybeans were up 14-3/4 at $12.13-3/4.   
   
Traders and analysts agreed that the wheat markets traded on the Chicago Board of Trade and Paris Euronext futures were the market leaders for the second day this week. 
   
European benchmark milling wheat futures touched a seven-month high on the weather worries.      
     
A fierce cold snap engulfed Russia, Ukraine and western European grain producers including France, Germany and Poland and there were fears deep frosts could damage harvests.     
   
"A sharp freeze across Europe and the Ukraine, further talk of large damage to Ukraine winter wheat yields, lack of snow coverage, the question mark over Russian exports and logistics all continue to dominate market views across Europe and the Black Sea," said Jaime-Nolan Miralles of INTL FC Stone 

Source: Reuters