Grain futures ended 2023 significantly in the red, with corn futures suffering their biggest yearly drop in a decade, according to a new analysis by the University of Illinois’ Farm Policy website.
Wheat and soybeans also posted steep declines in 2024 following bumper harvests in Brazil and resilient Black Sea trade. The most active corn contract was down 31 percent in 2023, while wheat was down 21 percent, and soybeans were down 15 percent.
The Department of Agriculture also expects soybean acres to increase in 2024, with the November World Agricultural Supply and Demand Estimates report predicting that U.S. farmers will plant 87 million acres of soybeans in 2024, an increase of 3.4 million acres. Corn acres are expected to be 91 million acres, a decrease of 3.9 million acres, according to the USDA.
“In 2024, producers are going to be a lot more concerned about their input costs, and that is where beans play a much better role for them,” according to Mike Zuzolo, president of Global Commodity Analytics.