Turkey's Plan for Black Sea Grain Passages Sends Wheat Futures Tumbling

Chicago wheat futures dropped on Tuesday after Turkey said it had prepared a plan for the safe passage of grain via the Black Sea.

This comes as Turkey expressed its willingness to revive a UN-brokered deal that facilitated grain exports from Ukraine during wartime.

The CBOT's most-traded wheat contract fell 0.29% to $7.71-3/4 a bushel, while soybeans gained 0.8% to $12.98-1/2 a bushel.

Turkey's plan aims to alleviate concerns over global grain availability, which was hit by recent attacks that halted almost all shipments through Black Sea ports, accounting for 70% of Russian grain exports.