CBOT wheat turns lower on selling pressure

Chicago Board of Trade wheat futures fell on Monday after hitting three-year highs in the previous session, as wheat was weighed down by selling pressure triggered by news that Turkey said it prepared a plan for the safe passage of grain via the Black Sea and is in contact with both Russia and Ukraine regarding it.

• Wheat futures hit multi-year highs last week on news that Russia could step up missile strikes on Ukraine, reducing prospects for a resumption of Russia’s and Ukraine’s grain shipments.
• Turkey has repeatedly expressed willingness to revive a U.N.-brokered deal that got grain out of Ukraine during wartime.
• "We have prepared a plan and we are in contact with both sides regarding this plan," Foreign Minister Hakan Fidan told a press conference in Istanbul. "If the necessary conditions emerge, we are working in particular to achieve another agreement similar to the grain deal."
• However, traders remain on edge about the risks of a prolonged interruption to Russian and Ukrainian grain exports from the Black Sea region.
• Russian grain exporters are rerouting shipments to the Baltic Sea after Ukrainian drone attacks in the Black Sea and the Sea of Azov, traders and analysts told Reuters.
• CBOT December soft red winter wheat WZ26 futures settled 10 cents lower to $7.74 per bushel.
• K.C. December hard red winter wheat KWZ26 settled 6-1/4 cents lower to $8.38 per bushel, and MWEZ26 settled 6-1/4 cents lower to $7.63 per bushel.