European Wheat Prices Tumble Amid Turkey's Black Sea Shipping Plan

European wheat futures dropped sharply on Monday as renewed comments from Turkey about seeking a diplomatic solution to stabilize Black Sea grain shipping led to profit-taking after Friday's contract highs.

The December wheat contract, which is the most-active on the Paris-based Euronext, fell 2.2% to €245 ($284.57) per metric ton at 1630 GMT, retreating from a two-year high of €252 a ton reached on Friday.

Turkey's Foreign Minister Hakan Fidan announced that his country had prepared a plan for safe grain passage via the Black Sea and was in contact with Russia and Ukraine to work towards a truce in the crucial waterway for grain trade.

Despite the decline, demand has been redirected to some European Union countries, including several loadings in France for Egypt. Additionally, alternative routes have allowed some volumes to flow from Russia and Ukraine, with Russian grain exporters rerouting shipments to the Baltic Sea.