Wheat Prices Drop as Turkey Pursues Black Sea Truce

European wheat prices plummeted on Monday as Turkey's Foreign Minister Hakan Fidan announced plans for safe passage of grain via the Black Sea, citing a desire for a truce in the crucial waterway for grain trade.

The December wheat contract on Euronext fell 2.2% to €245 ($284.57) per metric ton after reaching a two-year high of €252 a ton on Friday.

Turkey's plan, which involves working with Russia and Ukraine, aims to revive grain shipments that have been severely disrupted by recent attacks in the Black Sea region.

Despite some profit-taking, analysts pointed out that Turkey's involvement is crucial for maintaining grain trade flows, as it has significant import volumes from Russia and Ukraine.