Turkey's Black Sea Grain Plan Sends Wheat Futures Lower
Chicago Board of Trade (CBOT) wheat futures declined by $0.10 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 the U.N.-brokered agreement allowing grain exports from Ukraine during the conflict.
Foreign Minister Hakan Fidan said at a press conference in Istanbul that Turkey has prepared a plan and is working to achieve another agreement similar to the grain deal if necessary conditions emerge.
Traders remain concerned about the possibility of extended disruptions to Russian and Ukrainian grain exports from the Black Sea region, with some redirecting shipments to the Baltic Sea following Ukrainian drone attacks.