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Wheat Retreats from 3-Week High

Traders booked profits after prices jumped more than 4%

Wheat 1508654

US wheat futures ticked lower on Wednesday, as traders booked profits after prices jumped more than 4% to a three-week peak in the previous session, although concerns over global supplies capped losses, reports Reuters.

Australia said on Tuesday its 2019/2020 wheat harvest was the lowest in 12 years, missing its forecast, as a severe drought across the east coast wilted crops.

China said on Tuesday it would grant exemptions on retaliatory import duties imposed on 696 U.S. goods, as Beijing seeks to fulfil commitments made in its trade deal with Washington.

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