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Turkey’s wheat import ban sparks sharp decline in futures

An ag economist says Turkey’s ban on wheat imports has brought some pressure to an already volatile market.

Allendale’s Greg McBride says the ban recently announced by the Turkish Agriculture Ministrygoes into effect June 21st and will expire October 15th. “This is similar to what some other countries have done in the past,” he said. “They’re halting their wheat imports to protect prices for farmers domestically.”

The Ministry says the suspension may be postponed to a later date depending on market conditions.

McBride tells Brownfield wheat futures were down sharply to start the week. “That Black Sea wheat, especially the Russian wheat that typically goes to Turkey, now will probably find another home,” he said. “That’s where it can be more of a competition to U.S. wheat.”

He says Turkey is one of the world’s biggest buyers of wheat.  

AUDIO: Allendale’s Greg McBride 6-10-2024

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