Turkey Prepares Plan for Safe Passage of Grain Via Black Sea

Chicago wheat futures dropped by 0.29% to $7.71-3/4 a bushel as Turkey announced it had prepared a plan for safe passage of grain via the Black Sea.

The move aims to revive a UN-brokered deal that facilitated grain exports from Ukraine during wartime, with Turkey repeatedly expressing willingness to revive the agreement.

Wheat futures hit a three-year high last week due to concerns over global availability and potential Russian strikes in Ukraine, particularly in critical infrastructure areas like Kyiv's city center.

Russian grain exporters have been rerouting shipments to the Baltic Sea following Ukrainian drone attacks in the Black Sea and the Sea of Azov, which used to account for 70% of all Russian grain exports.