Turkey's Black Sea Grain Plan Sends CBOT Wheat Futures Lower

Chicago Board of Trade (CBOT) wheat futures declined on Monday after Turkey announced a plan to enable safe grain passage through the Black Sea. The country is in discussions with both Russia and Ukraine about the proposal.

Turkey's Foreign Minister Hakan Fidan stated that they have prepared a plan and are in contact with both sides regarding it. If the necessary conditions emerge, they aim to achieve another agreement similar to the grain deal.

The decline came after wheat prices reached three-year highs in the previous session. The CBOT December soft red winter wheat futures settled 10 cents lower at $7.74 per bushel.

Traders remain concerned about the possibility of extended disruptions to Russian and Ukrainian grain exports from the Black Sea region. Russian grain exporters are redirecting shipments to the Baltic Sea following Ukrainian drone attacks in the Black Sea and the Sea of Azov, according to traders and analysts.