United States: Why are corn, soybeans, sugar, cocoa, and wheat prices tumbling?

Agricultural commodities are having another difficult year as the market remains in an era of abundance. Sugar price was trading at $18.65, down by over 33% from its highest point this year and is hovering near its lowest point since November last year. Corn, on the other hand, has tumbled to its lowest level since October 2020. It has dropped by over 52% from its highest level in 2023. Soybeans prices have fallen to $1,058, down by 33% from its highest point this year and is at its lowest point since November 2020. Even cocoa, whose price stunned the market earlier this year, has moved into a deep bear market. It has dropped by over 35% from the year-to-date high. Commodities like corn, wheat, and soybeans are falling even as the war in Ukraine escalates. While the Black Sea grain deal ended, the two countries are still exporting substantial grains through the region. Recent data showed that Ukraine was exporting over 5 million tonnes of grains per month, higher than what it was ...