Turkey's Grain Plan Weighs on Chicago Wheat Futures

Chicago wheat futures declined on Monday following a three-year high in the previous session. The drop was due to selling pressure after Turkey announced it had prepared a plan for the safe passage of grain via the Black Sea and is in contact with Russia and Ukraine regarding it.

The news came as a surprise, as the market had been expecting continued disruption to grain shipments from Russia and Ukraine. However, Turkey's willingness to revive a U.N.-brokered deal has given some hope for a resolution.

'When you have a pretty good run-up, it only takes perception to move the market,' said Jim Gerlach, president of A/C Trading.

Chicago Board of Trade most active wheat settled 10 cents lower at $7.74 per bushel. Corn and soybeans also slipped from life-of-contract highs hit earlier on Monday, though both were supported by bullish fundamentals.