Major Wheat Buyer Turkey to Stop Imports for Four Months (1)

Turkey will halt wheat imports for four months, potentially exacerbating price swings in an already volatile market.

The country, one of the world’s biggest buyers of the commodity, banned purchases from June 21 until mid-October to shield local producers from being hit by a decline in prices during the harvest, the Turkish Agriculture Ministry said in a statement late Thursday.

Benchmark Chicago futures rallied 12% in May, the most since 2022, on worries over shrinking global production. But strong demand is needed to maintain the rally and futures fell for an eighth consecutive session on Friday.

Source: Source: USDA estimates

The US ...