Euronext wheat futures fell more than 6% on reports that Ukraine was discussing possible mechanisms to keep vessels moving through its Big Odesa ports, raising hopes that Black Sea exports may avoid a major disruption.

Front-month September milling wheat on Paris-based Euronext was down 6% by 1320 GMT at €228.75 ($260.02) a metric ton, after falling as low as €226.25 a ton in earlier trade.

The most traded wheat contract in Chicago was down 4% by the same time.

Under the proposal, shipowners would notify both Ukrainian and Russian authorities before vessels call at ports in either country, ExpertGrain media said. In return, ships registered in participating flag states would not be targeted.

China, India and some Arab countries are seen as potential participants, it said.

A second option would create temporary two- to three-day ceasefire windows for vessels to enter and leave ports.

Reuters was not immediately able to confirm the report.

No formal agreement has been announced and details remain under negotiation, ExpertGrain said.

($1 = 0.8797 euros)

(Reuters)