Wheat futures extended gains for a second session in Chicago, driven by mounting concerns over freezing weather in key production regions. Traders are assessing potential damage to crops in the United States and Russia, a dual threat that could tighten global supply. The market remains sensitive to any shifts in weather patterns.

The rally reflects broader anxiety in agricultural markets, where weather events can swiftly alter price dynamics. Russia is the world's largest wheat exporter, while the US is a major producer, making any output shortfall a significant global concern. Geopolitical tensions add another layer of uncertainty for traders.

Investors will closely monitor updated crop forecasts from the USDA and other agencies. A prolonged cold snap could further inflate prices, impacting food inflation and input costs for consumers and manufacturers. The situation underscores the agricultural sector's vulnerability to climate volatility.