Wheat falls despite cold weather forecasts in US

Wheat futures fell on Wednesday, on fears over the renewed trade war between Washington and Beijing, and worries over the weather in the US.

Sources at several weather agencies forecast the US will witness a blast of cold air coming from the North Pole in the next few days, especially in the eastern regions.

The sources added that some areas in the US will see rare snowfall at this time of the year.

Otherwise, tensions between the US and China have escalated recently, on the origin of the coronavirus outbreak.

US President Donald Trump has threatened to impose tariffs against China for mishandling the crisis, which led to a global outbreak of the virus.

While Beijing responded that it will not benefit anyone to blame the coronavirus on China, and the tariff threats will affect all sides.

Wheat July futures fell by 0.8% to settle at $5.16 per bushel, after hitting a day high of $5.21 and a low of $5.13.