(Bloomberg) -- Wheat futures traded in Chicago nearly erased losses so far this year, with prices climbing on concerns over weather in key producers.

Futures rose for a sixth straight day on Thursday, to the highest level since early January before paring gains. The recovery comes as traders worry that weather in Russia, Europe and the US could impact supplies. 

“Concerns over crop prospects in Russia’s southern Caucasus region, a major source of the country’s wheat exports, gained extra potency with weather maps showing the area staying largely dry through the first week of May,” CRM Group analysts wrote in a note. “Some worries remain too about the potential for some losses in Europe to recent frosts.”

Russian attacks on grain infrastructure in Odesa have also pushed prices higher, according to Rabobank.

Wheat futures continue to trend higher, approaching over-bought conditions on the charts, Arlan Suderman, chief commodities economist at StoneX, said in a note. “The global cash market shows little sign of concern yet at this point, but fund managers are reducing their risk exposure, with more buying coming as chart signals turn higher. Longer-term, we’re going to need support from a tighter cash market to support the rally.”

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