US wheat futures fall on profit-taking

US wheat futures fell sharply on Wednesday, with the benchmark Chicago Board of Trade July soft red winter wheat contract shedding 3.2 percent, on a round of profit-taking following Tuesday's rally, traders said. Traders noted long liquidation by investment funds.
CBOT July soft red winter wheat futures fell below their 20-day moving average before consolidating near the 30-day moving average. Private analytics firm Informa Economics trimmed its estimate of US 2018 plantings of spring wheat other than durum to 12.177 million acres, from 12.4 million last month.