Archive · 1 Sep 2026
Chicago Wheat Falls as Turkey Revives Black Sea Grain Plan
Wheat prices went down after recently reaching their highest level in years.
Traders became less worried that grain shipments from the Black Sea would stay blocked.
Turkey said it had a plan to help grain move safely and was talking with Russia and Ukraine.
This news encouraged some traders to sell wheat.
Corn and soybeans also moved back from their daily highs.
Corn was helped by concerns about poor U.S. yields.
Soybeans were supported by strong export demand and higher oil prices.
A U.S. crop report was due after trading ended.
Chicago wheat futures settled 10 cents lower at $7.74 per bushel after reaching three-year highs in the previous session.
Turkey said it had prepared a plan for the safe passage of grain through the Black Sea and was contacting Russia and Ukraine.
Corn and soybeans also retreated from session highs, although both remained supported by favorable market fundamentals.
Corn settled 1-1/4 cents higher at $5.37-3/4 per bushel after reaching a new life-of-contract high of $5.42.
Soybeans settled unchanged at $12.88 per bushel after reaching $12.94-1/2, supported by export demand and rising crude oil prices.
- Who
- Wheat traders, Turkey, Russia, Ukraine, and U.S. grain markets were involved.
- What
- Chicago wheat futures fell after Turkey announced a plan for safe Black Sea grain passage.
- When
- Monday, after wheat had reached multi-year highs the previous week.
- Where
- The trading occurred in Chicago, with the proposed grain route involving the Black Sea.
- Why
- Selling pressure followed Turkey's announcement, while profit-taking and spillover weakness also affected corn and soybeans.
Market-Bearish Factors
Market-Supportive Factors
Black Sea grain shipments
Market-Bearish Factors
Turkey's proposed safe-passage plan reduced fears that Russia and Ukraine's grain shipments would remain disrupted, encouraging wheat selling.
Market-Supportive Factors
The plan was conditional: Turkey said another agreement would depend on the necessary conditions emerging, so its implementation remained uncertain.
Corn and soybean prices
Market-Bearish Factors
Profit-taking and weakness spilling over from wheat pushed both crops down from their session highs.
Market-Supportive Factors
Corn remained supported by expectations of poor U.S. yields, while soybeans benefited from export demand and rising crude oil prices.
- Wheat settlement
- $7.74 per bushel, down 10 cents
- Corn settlement
- $5.37-3/4 per bushel, up 1-1/4 cents
- Soybean settlement
- $12.88 per bushel, unchanged
- Turkey's proposal
- A plan for safe grain passage through the Black Sea
- Wheat market context
- Wheat had reached three-year highs in the previous session
- Upcoming report
- The U.S. Department of Agriculture was scheduled to release crop-condition data after trading ended