Corn contracts fell 31% in 2023 (Shutterstock)
Chicago corn futures closed on Friday with their biggest annual loss in a decade, while wheat and soybeans also posted sharp annual declines after huge crops in Brazil and the strength of Black Sea trade eased weather and war concerns.
The most active corn contract closed down 31% over 2023, the biggest decline since 2013 for the world's most traded crop.
Wheat has fallen 21 percent this year, while soybeans have lost 15 percent.
Grains and vegetable oils will end a multi-year streak of price gains related to declining crops, the COVID-19 pandemic and Russia's war on Ukraine.
Record maize crops this year in Brazil and the United States, as well as an all-time high in Brazilian soybean production, have offset severe droughts in Argentina.
But improved rainfall in Argentina near the end of the year has allowed farmers to make good progress in sowing future maize and soybean crops.
Next year, farmers are likely to feel the effects of lower prices and prioritize growing soybeans in the United States.
Grain markets were calm thanks to large wheat exports from Russia, which also harvested a huge harvest this year, and a rebound in grain shipments from Ukraine after Kiev occupied a new shipping lane.
Futures fell to a decline due to small quantities on Friday on the last trading day of 2023.
The most active corn contract at the Chicago Board of Trade fell to $4.71 a bushel (a unit of scales equivalent to 20.4 kilograms) at settlement.
The most active wheat fell to $6.28 a bushel (27.2 kilograms), while soybeans fell to $12.98 a bushel (27.2 kilograms).
Source: Reuters