Turkey's Black Sea Plan Sparks Profit-Taking in European Wheat Market

European wheat prices fell sharply on Monday, as Turkey's comments about seeking a diplomatic solution to stop war disruptions to Black Sea grain shipping sparked profit-taking. The December contract on the Paris-based Euronext fell 2.2% to €245 ($284.57) a metric ton, retreating from Friday's life-of-contract peak of €252 a ton.

Turkey's Foreign Minister Hakan Fidan said the country had prepared a plan for the safe passage of grain via the Black Sea and was in contact with Russia and Ukraine to achieve this goal. However, one futures trader noted that Turkey has been working on a deal 'for a while now but with no luck so far.'

The recent attacks have brought grain loadings at Russian and Ukrainian Black Sea ports to a virtual halt, increasing pressure on importers to seek alternatives. Demand has shifted to some European Union countries, including France, which has seen several loadings for Egypt.