Wheat rises as Black Sea tensions cloud export outlook

A weekend report by Bloomberg, which said Turkey had restricted commercial ship traffic entering the Black Sea following attacks on vessels, unsettled traders as it raised the risk of wider disruption to grain flows.

But subsequent comments by Turkish government officials indicating ships were passing normally through the Turkish straits eased concerns.

"Turkey is starting to put its foot down," a European trader said, adding that a closure of the Turkish straits "would be the thing that would spark limit-up moves in Chicago and Euronext wheat."

Turkish Foreign Minister Hakan Fidan said on Saturday that Ankara had conveyed to Russia and Ukraine they should declare a moratorium on their attacks in the Black Sea.

Ukraine and Russia have increasingly targeted ships and ports in their 4-1/2-year-old conflict. However, they have continued to export grain at reduced levels and are harvesting large crops that could bolster already ample global supplies.

"They do seem to find a way to get the grain out," said Rod Baker, an analyst at Bendigo Bank Agribusiness in Perth.