Wheat Prices Plummet as Turkey Plans to Revive Grain Deal

Chicago wheat futures declined on Monday after reaching three-year highs late last week. The most-active CBOT contract settled at $7.74 per bushel, down 10 cents from Friday's close.

The drop in prices came as Turkey announced it had prepared a plan for the safe passage of grain through the Black Sea and was in talks with Ukraine and Russia to revive the previous grain deal.

This development prompted some profit-taking after wheat rallied sharply last week amid concerns over a further escalation of the war and risks to Black Sea exports.

Corn futures, on the other hand, retreated from an intraday high but still ended higher, settling at $5.3775 per bushel, up 1.25 cents.