GRAINS-Wheat hits nearly six-week high as cold temperatures threaten supplies

Jan 26 (Reuters) - Chicago wheat rose to its highest level in more than six weeks on Monday, while corn gained for a third straight session as extreme cold weather in the United States and Russia raised fears over supplies.

Soybeans rose for a second straight session.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 climbed 0.6% to $5.32-1/2 a bushel, as of 0150 GMT, having hit its highest since December 12 earlier in the session.

Corn Cv1 edged 0.1% higher to $4.31 a bushel and soybeans Sv1 gained 0.5% $10.73 a bushel.

Cold weather in the United States has disrupted soybean and corn markets, analysts said, as slower processing at plants tightened supplies and lifted futures.

The cold forecast has also raised concerns of crop losses in wheat fields lacking snow cover.

A powerful U.S. winter storm spread a paralysing mix of heavy snow, sleet and freezing rain from the Ohio Valley and mid-South to New England on Sunday, compounded by bitter, Arctic cold gripping much of the nation east of the Rockies.

An ongoing bout of severe cold in Russia, the world's biggest wheat exporter, added to the concerns.

Last week's talks between U.S. and Chinese officials raised hopes that China could buy more U.S. beans. U.S. Treasury Secretary Scott Bessent said he held "positive" talks with Chinese Vice Premier He Lifeng.

China had stepped up soybean purchases from the United States after a trade truce in October, but has now fulfilled its commitment to buy 12 million metric tons.

Large speculators increased their net short position in CBOT corn futures in the week to January 20, regulatory data released on Friday showed. [

MARKET NEWS

Gold surged past $5,000 per ounce early on Monday following a turbulent week where tensions over Greenland and Iran rattled sentiment, while markets remained on tenterhooks after a rout in bonds and violent spikes in the yen.MKTS/GLOB

DATA/EVENTS (GMT)

0500 Japan Leading Indicator Revised Nov

0900 Germany Ifo Business Climate New Jan

0900 Germany Ifo Curr Conditions New Jan

0900 Germany Ifo Expectations New Jan

1330 US Durable Goods Nov