CHICAGO, ILLINOIS, US — Corn, wheat and soybeans closed out 2023 with steep declines after bumper harvests in Brazil and ongoing Black Sea trade lessened concerns about weather and war, Reuters reported.

The most active corn contract closed down 31% over 2023, the steepest decline since 2013. Wheat fell 21% for the year while soybeans lost 15%. Grain and oilseeds are ending a run of several years of price gains due to harvest setbacks, the pandemic and Russia’s invasion of Ukraine, Reuters said.

Brazil and the United States had record corn harvests, which helped offset severe drought in Argentina. Rainfall in Argentina at the end of the year is helping farmers in sowing the next corn and soybean crops.

Large wheat exports from Russia and a revival in shipments from Ukraine through a new shipping channel has helped grain markets.