Wheat Prices Plummet as Turkey Plans Grain Passage

Chicago wheat futures fell on Monday after hitting three-year highs in the previous session due to selling pressure.

The market was weighed down by news that Turkey had prepared a plan for the safe passage of grain via the Black Sea and was in contact with both Russia and Ukraine regarding it.

This development reduced prospects for a resumption of Russia's and Ukraine's grain shipments, which had previously supported wheat prices.

Jim Gerlach, president of A/C Trading, attributed the decline to market perception: 'When you have a pretty good run-up, it only takes perception to move the market.'