Turkey's Wheat Export Proposal Falls Flat on CBOT Futures

CBOT wheat futures took a hit on Thursday due to a lack of bullish news and ongoing hopes for a diplomatic resolution in the Black Sea region. Traders remained cautious as Turkey proposed a truce with Russia and Ukraine, similar to previous measures that failed to yield results.

The Chicago Board of Trade December soft red winter wheat settled at $7.27 per bushel, down 3-3/4 cents from the previous close. Kansas City December wheat finished at $7.94-1/2 a bushel, down 5 cents, while Minneapolis December spring wheat fell to $7.52-1/2 a bushel.

European traders pointed to an AFP report that Turkey had sent a proposal to Russia and Ukraine for a truce on commercial shipping in the Black Sea. However, previous proposals from Turkey have been met with skepticism, as seen in the recent deal announced by US President Trump to halt strikes on energy infrastructure, which had minimal impact.

The USDA reported net export sales of 325,900 metric tons for the week ended September 10, aligning with trade expectations of 150,000 to 500,000 tons.