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

CBOT wheat futures declined on Monday following Turkey's announcement of a plan to enable safe grain passage through the Black Sea.

The country stated it is in discussions with both Russia and Ukraine about the proposal, which aims to restart a U.N.-brokered agreement that previously allowed grain exports from Ukraine during the conflict.

'We have prepared a plan and we are in contact with both sides regarding this plan,' Foreign Minister Hakan Fidan said at a press conference in Istanbul. 'If the necessary conditions emerge, we are working in particular to achieve another agreement similar to the grain deal.'

The decline in CBOT December soft red winter wheat futures came after prices reached three-year highs in the previous session.