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Major agricultural export prices declined in 2023

January 31, 2024

The export price indexes for wheat, soybeans, and corn—three major U.S. agricultural products—fell from December 2022 to December 2023. Export wheat prices decreased 23.4 percent, the largest calendar-year drop since the index fell 27.2 percent in 2015. Prices for export soybeans also recorded their largest calendar-year decline since 2015, falling 13.0 percent over the past 12 months. Meanwhile, the 26.8-percent decrease in export corn prices in 2023 was the largest calendar-year drop since 2013.

Price indexes for wheat, soybean, and corn exports, December 2013 = 100
Month Wheat exports Soybean exports Corn exports

Dec 2013

100.0 100.0 100.0

Jan 2014

93.5 98.1 99.3

Feb 2014

94.3 98.7 102.8

Mar 2014

101.7 105.2 109.9

Apr 2014

106.0 107.9 112.5

May 2014

110.9 108.4 111.2

Jun 2014

98.5 109.6 102.1

Jul 2014

96.9 103.5 94.3

Aug 2014

93.3 94.6 88.4

Sep 2014

92.3 88.8 85.1

Oct 2014

86.5 76.4 80.2

Nov 2014

91.7 81.7 87.6

Dec 2014

99.1 79.0 87.6

Jan 2015

92.4 79.4 88.9

Feb 2015

85.5 75.4 86.6

Mar 2015

83.9 76.2 87.4

Apr 2015

88.8 74.9 86.7

May 2015

76.6 74.9 83.9

Jun 2015

80.1 71.9 81.8

Jul 2015

85.7 78.2 90.9

Aug 2015

71.3 75.1 82.4

Sep 2015

69.9 68.8 80.4

Oct 2015

76.8 68.3 84.2

Nov 2015

75.7 66.6 83.6

Dec 2015

72.2 67.2 80.8

Jan 2016

69.8 65.4 77.7

Feb 2016

70.9 66.4 81.1

Mar 2016

68.4 63.7 76.8

Apr 2016

70.0 66.5 77.1

May 2016

69.6 74.0 82.3

Jun 2016

70.5 80.3 87.0

Jul 2016

63.8 83.4 79.7

Aug 2016

62.8 75.4 77.0

Sep 2016

61.2 73.8 73.7

Oct 2016

63.7 71.5 75.2

Nov 2016

64.7 71.8 76.3

Dec 2016

64.2 74.8 74.6

Jan 2017

66.0 73.3 77.9

Feb 2017

67.6 74.8 79.7

Mar 2017

69.9 74.7 81.5

Apr 2017

66.3 68.0 77.4

May 2017

68.1 69.6 77.6

Jun 2017

68.7 67.1 78.0

Jul 2017

84.6 70.6 78.5

Aug 2017

77.4 70.9 74.5

Sep 2017

72.1 70.5 71.7

Oct 2017

73.1 70.2 72.6

Nov 2017

73.5 70.3 73.5

Dec 2017

73.5 72.1 73.8

Jan 2018

74.3 70.0 75.3

Feb 2018

75.4 71.7 80.8

Mar 2018

81.4 77.3 83.6

Apr 2018

77.1 75.5 83.7

May 2018

84.9 76.9 87.4

Jun 2018

83.4 74.9 84.7

Jul 2018

77.1 64.4 77.3

Aug 2018

84.5 66.4 79.2

Sep 2018

78.9 60.8 77.9

Oct 2018

81.0 61.0 77.5

Nov 2018

81.4 62.8 79.1

Dec 2018

82.1 65.2 80.8

Jan 2019

Feb 2019

83.5 66.2 82.6

Mar 2019

77.6 65.3 82.0

Apr 2019

77.4 64.9 79.9

May 2019

72.2 61.0 78.7

Jun 2019

79.7 64.1 89.5

Jul 2019

76.4 65.3 90.2

Aug 2019

74.1 63.2 84.5

Sep 2019

70.0 62.5 75.0

Oct 2019

75.3 65.5 80.6

Nov 2019

78.2 67.7 82.1

Dec 2019

78.0 65.1 81.5

Jan 2020

83.6 69.7 83.3

Feb 2020

83.5 65.1 83.3

Mar 2020

80.7 66.1 82.7

Apr 2020

82.8 64.3 74.2

May 2020

80.9 62.8 69.9

Jun 2020

79.6 63.6 72.7

Jul 2020

75.8 66.9 76.3

Aug 2020

74.8 67.3 70.9

Sep 2020

77.8 72.1 78.4

Oct 2020

81.6 75.8 84.4

Nov 2020

85.8 81.5 90.8

Dec 2020

84.7 86.6 92.7

Jan 2021

92.7 98.4 106.3

Feb 2021

95.0 100.4 116.5

Mar 2021

95.8 103.3 117.0

Apr 2021

90.1 103.0 118.5

May 2021

107.1 114.5 151.1

Jun 2021

101.5 113.0 141.8

Jul 2021

102.3 103.0 139.4

Aug 2021

113.0 102.3 131.1

Sep 2021

116.2 96.7 115.5

Oct 2021

122.8 93.4 117.1

Nov 2021

131.4 92.8 120.8

Dec 2021

132.8 94.4 122.7

Jan 2022

130.0 104.1 128.6

Feb 2022

127.6 114.7 134.2

Mar 2022

159.2 123.5 151.9

Apr 2022

151.5 121.0 158.0

May 2022

157.5 124.0 165.5

Jun 2022

158.4 127.4 156.2

Jul 2022

125.6 118.4 154.2

Aug 2022

121.5 119.7 146.2

Sep 2022

123.9 116.0 146.1

Oct 2022

136.2 108.4 148.2

Nov 2022

133.0 115.0 157.7

Dec 2022

123.0 111.3 142.3

Jan 2023

122.4 114.1 144.8

Feb 2023

124.0 115.9 146.6

Mar 2023

118.4 112.7 139.4

Apr 2023

119.5 112.0 142.5

May 2023

107.8 107.6 132.5

Jun 2023

105.0 100.6 133.1

Jul 2023

109.4 112.9 122.3

Aug 2023

101.6 106.2 114.1

Sep 2023

95.1 102.6 107.9

Oct 2023

92.9 95.2 111.3

Nov 2023

92.2 96.9 107.4

Dec 2023

94.2 96.7 104.1

Note: Data are not seasonally adjusted. Indexes were not published in January 2019 due to a lapse in government funding.

Compared to a decade earlier, prices for these three agricultural exports declined and remained at lower levels for several years before turning up in 2020. By mid-2021 each index had rebounded and continued to rise before beginning to trend downward midway through the following year. In December 2023, export wheat and soybean prices were 94.2 percent and 96.7 percent, respectively, of their levels 10 years earlier, while export corn prices were 104.1 percent of their December 2013 level.

Crude oil prices, which declined 6.0 percent in 2023, tend to influence prices for wheat, soybeans, and corn. The three agricultural export price indexes often trend together, driven not only by crude oil, but also by weather, substitutability, and the value of the U.S. dollar. For more information, see The relationship between crude oil prices and export prices of major agricultural commodities.

These data are from the International Price program and are not seasonally adjusted. To learn more, see “U.S. Import and Export Price Indexes — December 2023." We also have more charts on U.S. import and export prices. Import and export price changes may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Major agricultural export prices declined in 2023 at https://www.bls.gov/opub/ted/2024/major-agricultural-export-prices-declined-in-2023.htm (visited April 13, 2024).

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