Wheat extends gains with weather risks in focus

PARIS/SINGAPORE, Apr 22 (Reuters): Chicago wheat rose on Monday to hold near a two-week high as concerns over crop weather in the Northern Hemisphere encouraged short-covering, analysts and traders said.
Corn and soybeans were little changed following one-week highs as concerns about an escalating conflict in the Middle East eased.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.2 per cent at $5.73-1/2 a bushel by 1111 GMT.
The market had climbed to its highest since April 5 in the previous session when wheat tracked a broad rally in commodities following reports of Israeli missile strikes in Iran.
While signs that Tehran was playing down the attack removed geopolitical impetus for prices on Monday, adverse weather in several major wheat production zones kept futures supported.
CBOT corn was unchanged on the day at $4.33-1/2 a bushel, while soybeans ticked down 0.3 per cent to $11.62-3/4 a bushel. Both crops set one-week highs earlier in the session.