Türkiye will introduce a ban on wheat imports from June 21 to mid-October

Turkey's Agriculture Ministry announced it will ban wheat imports from June 21 to mid-October to protect Turkish farmers from falling prices and other negative factors during the harvest.

The move by one of the world's largest wheat importers is likely to cause even greater price fluctuations in an already volatile global market. This measure will have the greatest impact on Russia, the main supplier of wheat to Turkey. A lower harvest forecast than last year in Russia, the world's largest wheat exporter, has pushed up global prices in recent weeks. However, after Turkey announced an import ban last week, Chicago wheat futures fell 7.5%, the biggest weekly drop since July 2023.

Turkey's wheat harvest is just beginning and the first production forecast was 21 million tons, down 4.5% from last year.

The Turkish ministry also noted that the export of self-produced wheat flour, which has been prohibited since September 2018, will be allowed. Türkiye, the world's largest flour exporter, typically exports flour made from imported wheat.