GRAINS-Wheat falls after hitting six-week high on US, Russia crop worries

By Tom Polansek

CHICAGO, Jan 26 (Reuters) - Chicago Board of Trade wheat futures pulled back after climbing to a six-week high on Monday as worries eased about cold weather threatening U.S. and Russian crops.

Corn and soybean futures also retreated from multi-week highs.

Traders focused on the weather as temperatures remained frigid after a severe winter storm blasted the U.S. over the weekend. Extreme cold likely damaged winter wheat crops in most of Nebraska, far northwestern Kansas and northeastern Colorado, weather firm Vaisala said.

However, snow benefited winter wheat in other areas by boosting moisture levels and providing a cover to protect crops from frigid temperatures, forecasters said.

"We had more snow than we thought coming through," said Don Roose, president of U.S. Commodities.

Extensive snow cover in Russia also tempered concerns about significant damage to fields from intense cold in the world's biggest wheat-exporting country.

Most-active CBOT wheat Wv1 closed down 7 cents at $5.22-1/2 per bushel after rising earlier to the highest price since December 12 at $5.33-1/4.

"Freezing temperatures, snow and ice hit much of the U.S. over the weekend, putting some winter wheat at risk," market intelligence platform CM Navigator said in a note. "It will take time to assess the real damage."

Soybean futures Sv1 ended 6 cents lower at $10.61-3/4 per bushel after reaching the highest level since December 29.

Corn futures Cv1 fell 2-1/4 cents to $4.28-1/4 a bushel after reaching the highest level since January 12, when the U.S. Department of Agriculture issued crop data that was bearish for grain and soy prices.

The USDA's bigger-than-expected U.S. production and stocks estimates from January 12 continued to loom over markets, analysts said.

In South America, consultancy AgRural raised its estimates for Brazil's 2025/26 corn and soybean crops.

Rain in Argentina, a major exporter of soy products, should improve soil moisture in the province of Cordoba, according to Vaisala. Below-normal rainfall elsewhere in the country will maintain stress on soybeans and corn, the firm said.