Wheat Futures Plunge Amid Turkey's Black Sea Grain Transit Plans
Global wheat futures have taken a hit following Turkey's announcement that it has prepared plans for the safe transit of grain through the Black Sea. The Turkish government said it is in contact with Russia and Ukraine regarding the U.N.-brokered agreement to allow grain shipments from Ukraine.
The Chicago Board of Trade (CBOT) wheat contract fell by 0.29% to $7.71-3/4 per bushel, while CBOT corn dropped 0.2% to $5.36-3/4 a bushel. Soybeans, however, rose 0.8% to $11.92-1/2 a bushel.
The uncertainty surrounding global grain availability has traders on high alert due to the risk of prolonged interruptions in exports from Russia and Ukraine. Last week, wheat futures reached a record high of three years amid reports that Russia's strikes may include targets in Kyiv city centre and other critical infrastructure in Ukraine.