US wheat futures fell on Wednesday on a profit-taking setback after rallying to its highest in 3-1/2 months. The most actively traded CBOT soft red winter wheat contract sagged 3.3 percent. The benchmark Chicago Board of Trade July soft red winter wheat contract fell below its 200-day moving average and the high end of its 20-day Bollinger range. Losses in K.C hard red winter wheat contracts were limited by concerns about damage to the crop in the US Plains following heavy rains and areas of flooding.
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