By Kirk Maltais

-- Wheat for March delivery rose 2.3% to $6.85 1/2 a bushel on the Chicago Board of Trade on Wednesday amid fears that cold temperatures in places such as Russia would cramp the world wheat supply.

-- Soybeans for March delivery rose 1.2% to $14.25 3/4 a bushel.

-- Corn for March delivery rose 0.8% to $5.57 a bushel.

HIGHLIGHTS

Catching Cold: Wheat led grain futures higher Wednesday, with traders focusing on cold temperatures in Russia after last week's frigid spell in many parts of the U.S. The possibility of winterkill crop damage in other parts of the world could further pressure world wheat supply.

"There wasn't a clear catalyst to boost the wheat, but there are several snippets around the globe," said ED&F Man Capital.

Hot Mess: Meanwhile, adverse weather in South America also gave support for CBOT grain futures Wednesday "as traders point to parched Argentine and South Brazilian weather forecasts and building stress on reproducing 2nd corn/soybean crops," said AgResource.

In Brazil, rainfall is making it hard for farmers to go into their fields to harvest their grains, said DTN.

INSIGHTS

Hard Road: U.S. ethanol production fell significantly in the past week in response to bitterly cold temperatures that hit the U.S. Midwest, according to EIA data. Ethanol production fell to 658,000 barrels per day, down 253,000 barrels from last week, even more than analysts predicted.

"Time will tell if the industry can recover back above 900,000 barrels per day by the end of this month," said Terry Reilly of Futures International.

Meanwhile, ethanol inventories fell 1.51 million barrels to 22.79 million barrels.

Grace Period: In the wake of bitter cold temperatures descending on farmlands across the country, the American Farm Bureau is asking the government to extend the deadline for applying for CFAP -- the Coronavirus Food Assistance Program -- which would supply farmers $13 billion in aid.

"The current deadline is this Friday, February 26, but recent severe weather and the suspension of CFAP payments led to challenges and confusion surrounding the application process," said Farm Bureau President Zippy Duvall in a letter addressed to new Agriculture Secretary Tom Vilsack.

AHEAD:

-- The USDA is due to release its weekly export sales report at 8:30 a.m. EST Thursday.

-- The USDA is scheduled to release its monthly agricultural prices report at 3 p.m. EST Friday.

-- The CFTC is due to release its weekly commitments of traders report at 3:30 p.m. EST Friday.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

February 24, 2021 15:49 ET (20:49 GMT)