Blues took a two-goal lead courtesy of Charlee Adams (pictured) and Viv Solomon, before Wednesday reduced the deficit from the penalty spot. Blues substitute George O'Neil then put his side back into a two-goal lead just after the hour mark.
But Steve Spooner's side failed to capitalise on a host of good chances and that allowed Wednesday to get back into the game by scoring twice in the later stages and pick up a point.
"At 3-1 up we had numerous chances to press home our advantage, but didn't take them and we were punished" said Academy coach Spooner.
"In situations like that we need to be more clinical.
"The standard of our football in terms of the passing and the movement was very good but we got a little bit too self-indulgent at times and took too many touches and started to showboat a little bit.
"But sometimes you need to look past the result, because the overall performance and the number of goalscoring opportunities we created was very pleasing.
"We had a very young side out and finished the game with five Under-16s and an Under-15 on the pitch, so it's about looking at the bigger picture and what we're trying to here in terms of blooding young players.
Blues U18s: Connal Trueman, Dominic Bernard, Bobby Moseley, Reece Brown (George O'Neil, 58), Kyle Rowley, Romario Redley, Kyle McFarlane, Charlee Adams, Fisayo Adarabioyo, Liam Truslove, Viv Solomon Jordan Potter, 85).