Turkish Plan Sparks Decline in CBOT Wheat Futures
CBOT wheat futures declined on Monday after Turkey announced a plan to enable safe grain passage through the Black Sea. The country said it is in discussions with both Russia and Ukraine about the proposal.
Turkey's Foreign Minister Hakan Fidan stated that the country has prepared a plan and is in contact with both sides regarding this plan. 'If the necessary conditions emerge, we are working in particular to achieve another agreement similar to the grain deal,' he said at a press conference in Istanbul.
The decline in wheat futures came after prices reached three-year highs in the previous session. CBOT December soft red winter wheat futures settled 10 cents lower at $7.74 per bushel. Traders remain concerned about the possibility of extended disruptions to Russian and Ukrainian grain exports from the Black Sea region.