All Prices as of 2:00 pm Central Time

Corn
MAR ’25	489.75	5.5
JUL ’25	500.75	5
DEC ’25	464.25	4.75

Soybeans
MAR ’25	1065.5	9.5
JUL ’25	1088.5	9.75
NOV ’25	1053.25	6.5

Chicago Wheat
MAR ’25	554	0
JUL ’25	578.25	0
JUL ’26	632.25	-1.75

K.C. Wheat
MAR ’25	570.75	-4
JUL ’25	589.75	-4.25
JUL ’26	630	-5.5

Mpls Wheat
MAR ’25	604.5	-2
JUL ’25	624.75	-2.5
SEP ’25	634.75	-2.25

S&P 500
MAR ’25	6133	12.5

Crude Oil
MAR ’25	74.48	-0.96

Gold
APR ’25	2787.8	-9.6

Grain Market Highlights

After a down day for corn yesterday, corn futures rebounded today, closing higher as Argentina crops continue to struggle with dry weather.
Soybeans closed higher today driven by higher soybean oil and declining crop conditions in Argentina.
As the threat of winterkill diminishes across the U.S. with warming temperatures and the end of the cold snap, wheat prices closed lower for the day.
To see the U.S. 7-day precipitation forecast as well as the Brazil and Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center and NOAA scroll down to the other Charts/Wheat section.

Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.

Corn

Action Plan: Corn

Calls

Cash

Sell DEC ’25 Cash

Puts

2024 Crop:

Next Target Range: 495 to 515 for the March ’25 contract.
Weekly Close: The March ’25 contract posted a strong weekly close last week, finishing above the May 2024 high of 475.50. This marks the highest close since the week of December 4, 2023.
Resistance Levels: On the front-month continuous chart, the next resistance range lies between the September 2021 low of 497.50 and the May 1996 high of 513.50.
March ’25 Contract Levels: The March ’25 contract has returned to the 487–508 price range, where Grain Market Insider issued its first three sales recommendations for the 2024 corn crop in summer 2023 and spring 2024. To date, four total sales recommendations have been made for the 2024 crop. If you have not yet made all four sales, now is an excellent time to catch up, with prices rebounding to these recommended levels and the market up over 100 cents from the August low on the front-month continuous chart.

2025 Crop:

CONTINUED OPPORTUNITY – Grain Market Insider sees a continued opportunity to sell another portion of your 2025 corn crop.
First Resistance: Resistanceremains at the October 2024 high of 459.75. Selling near this level is advisable in case this resistance halts further gains in the December ’25 contract.
Downside Risk: Failure to rally over 459.75 poses the risk of range-bound trading, with the bottom end of the range at 428.00.
Opportunity: If the December ’25 contract eventually succeeds in rallying above 459.75, the next major resistance level is around 480. Selling near 480 would be the next target for a potential Grain Market Insider sales recommendation.
Opposing Fundamentals: Strong demand for U.S. corn continues to support the market, but higher prices may incentivize additional planted acres in the U.S. for 2025.
Buying Call Options: Keep an eye out for a recommendation to purchase call options if prices close above major resistance in the 480 area. This strategy would provide cover to current sales and allow you to benefit from any extended rally.

2026 Crop:

Hold Recommendation: No sales recommendations are anticipated for the crop to be planted in spring 2026 for at least another 4–6 weeks.

To date, Grain Market Insider has issued the following corn recommendations:

Market Notes: Corn

The corn market rejected yesterday’s turn lower in prices to push to new highs for the move during Thursday’s session. March corn futures is trading 5 ½ cents higher on the week going into Friday’s trade, closing today at its highest price point since late May.
Argentina’s crops continue to struggle with dry weather, and longer-range forecasts indicate slightly below-normal precipitation in the 10-15 day outlook. The Buenos Aires Grain Exchange lowered its corn crop ratings to 80% in the normal/excellent category, while 20% of the crop is now rated poor, up 6% from last week.
Weekly ethanol production recovered a little last week to 323 million gallons/day. There was 111 mil. bu. used last week in ethanol production which is still trending ahead of the pace needed to reach USDA target.
The USDA will release weekly export sales on Friday morning. Expectations are for new sales to be 700,000-1.7 MMT. Last week’s sales were just over 1.0 MMT.

Above: The uptrend in the corn market remains intact. Initial support below the market lies near 470, with additional support near previous resistance at 450. Larger overhead resistance now comes in just below 500.

Soybeans

Action Plan: Soybeans

Calls

Cash

Sell MAR ’25 Cash

Puts

2024 Crop:

CONTINUED OPPORTUNITY – Grain Market Insider sees a continued opportunity to sell another portion of your 2024 soybean crop.
Target Range Reached: The March ’25 contract advanced further into the 1060–1080 target range, hitting an intraday high of 1073.50 today. However, the early gains couldn’t hold, and March closed below the 1/14 high of 1064. Out of the three trading days within this range, two have shown bearish reversals, closing back under 1060. This reinforces the strength of the 1060–1080 range as a significant resistance area, which played a key role in today’s sales recommendation.
From the Lows: The March ‘25 contract remains up over one dollar from its December low of 947.00, marking this as a solid rally worth capitalizing on.
Fund Activity: Funds have covered a significant number of short positions and are now net-long soybeans, further supporting the idea that now is an ideal time to capitalize on the rally.

2025 Crop:

Target Range: The target range for issuing the first sales recommendation is 1070–1100 versus Nov ’25.
Call Buying: Keep an eye out for a potential call option recommendation. Since major resistance lies within this range, it’s possible that both a sales recommendation and a call option recommendation could be issued around the same time.

2026 Crop:

Hold Recommendation: No sales recommendations are expected until spring.

To date, Grain Market Insider has issued the following soybean recommendations:

Market Notes: Soybeans

Soybeans ended the day higher, taking back nearly all of yesterday’s losses. While trade was higher, the March contract failed at the 200-day moving average at $10.76 and retreated nearly 10 cents. Today’s move was mostly driven by higher soybean oil despite concerns over the 45z tax credit while soybean meal was mixed with lower prices in the front months and higher in the deferred.
Despite Argentinian weather improving over the past few days, the Buenos Aires Grain Exchange released its weekly crop update that estimated a decline in normal to excellent conditions by 7% to 72%. At this time last year, 92% of the crop was rated normal to excellent, and the 5-year average is 81%.
Yesterday, soybean futures were driven lower by soybean oil after President Trump signed an executive order for a regulatory freeze for new policy which included the 45z tax credit proposal. There have been concerns that the 45z credit may not go through.
President Trump has indicated that tariffs were coming for Canada and Mexico on February 1, and today it was reported that a 10% tariff on all Chinese imports would be put in place on the 1st as well. While this was expected, the Chinese stock market fell, and exports of soybeans could be affected.

The 1000 level should act as support on a break lower. Initial overhead resistance lies near the last September highs between 1060 and 1075.

Wheat

Market Notes: Wheat

With the exception of the May Chicago contract, wheat futures closed neutral to lower today. As warmer temperatures are expected in the central U.S., the threat of winterkill is diminishing, which is contributing to the decline in prices.
A French dock worker’s union has initiated port strikes, including at the largest grain terminals. The strikes are set to occur on 13 days from January 23 to February 28, with each lasting four hours. Additionally, work will be halted for 48 hours on January 30 and 31. The strikes are reportedly driven by several issues, including pension reform, and could impact the flow of grains.
From a technical perspective, Kansas City futures appear to have run into resistance around the 100-day moving average. The March contract did break above this level yesterday but has closed below it for the second day in a row. As of today’s close, the 100-day MA sits at 576-3/4.
Japan is reported to have made a 127,000 mt purchase of wheat, with 15,000 mt of that being U.S. HRW, and 16,000 mt being U.S. white wheat. The rest was sourced from Australia and Canada.

Action Plan: Chicago Wheat

Calls

Cash

Puts

2024 Crop:

Target Range: Grain Market Insider continues to target 680–705 vs. March ’25 for the next sale.
Sales Recommendations to Date: Three sales recommendations have been made so far for the 2024 Chicago wheat crop. The current target range aligns with two previous recommendations. If you are behind on sales, this range offers a good opportunity to make a heavier sale.
Open Call Options: If you hold the previously recommended July ’25 860 and 1020 call options, continue to hold them. While actionable targets are still distant, these options have approximately five months remaining until their expiration in the third week of June.

2025 Crop:

Target Range: The next target range for a sale is 690–715 vs. July ’25.
Sales Recommendations to Date: Grain Market Insider has taken a slightly more aggressive approach with sales for the 2025 crop, leveraging market carry during the overall downtrend from the October high. The average price of the four sales made so far vs. July ’25 is approximately 651. A sale within the current target range would increase that average.
Open Put Options: One-quarter of the initially recommended 620 July ’25 put option position remains. Scale-out recommendations were provided for the other three-quarters in July and December. The current plan is to continue to hold the remaining position.

2026 Crop:

Recent Sales Recommendation: Grain Market Insider has recently recommended selling the first portion of the 2026 Chicago wheat crop.
Next Target Range: The next target range for a sale on the 2026 crop is 700–720 vs July ‘26.
Carry & Increased Volume: The growing daily trading volume and approximately 50 cents of additional carry in the July ’26 contract compared to the July ’25 contract make the July ’26 contract an early opportunity to monitor closely.

To date, Grain Market Insider has issued the following Chicago Wheat recommendations:

Front-month Chicago wheat remains largely rangebound between 540 and 577. A close above the 577–586 resistance area could set up a retest of 617, while a close below 536 might lead to a slide toward the 521–514 support zone.

Action Plan: KC Wheat

Calls

Cash

Puts

2024 Crop:

Target Range: 650 – 700 vs. March ‘25 area to sell more of your 2024 HRW wheat crop.
Sales Recommendations to Date: Grain Market Insider has issued only two sales recommendations to date, reflecting the significant yield uncertainty before last year’s harvest and the limited post-harvest sales opportunities. These two recommendations, though widely spaced, averaged approximately 719 vs. the July ’24 futures. A sale at the next target range will reduce the average, but upside expectations remain tempered for now
Open Call Options: If you hold the previously recommended July ’25 860 and 1020 call options, continue to hold them. While actionable targets are still distant, these options have approximately five months remaining until their expiration in the third week of June.

2025 Crop:

Target Range: 640 – 665 range vs. July ‘25 to make an additional sale for your 2025 HRW wheat crop.
Open Put Options: One-quarter of the initially recommended 620 July ’25 put option position remains. Scale-out recommendations were provided for the other three-quarters in July and December. The current plan is to continue to hold the remaining position.

2026 Crop:

Hold Recommendation: No first sales recommendations are expected until late spring or early summer.

To date, Grain Market Insider has issued the following KC recommendations:

KC wheat remains largely rangebound between 536 and 583, with initial overhead resistance near the 100-day moving average around 568. A close above this level and beyond 583 could set the market up for a test of the 590–595 area, while a close below 536 could put prices at risk of falling to the 525 level.

Action Plan: Mpls Wheat

Calls

Cash

Puts

2024 Crop:

Potential Target Range: A rally to the 610–635 range vs. March ’25 is the initial target for another sale of your 2024 HRS wheat crop. However, the near-record short position held by Funds suggests that this target range could adjust higher as future price action unfolds.
Open Call Options: If you hold the previously recommended KC July ’25 860 and 1020 call options, continue to hold them. While actionable targets are still distant, these options have approximately five months remaining until their expiration in the third week of June.

2025 Crop:

Target Range: 700 – 750 is the target range vs September ‘25.
Open Put Options: One-quarter of the initially recommended KC 620 July ’25 put option position remains. Scale-out recommendations were provided for the other three-quarters in July and December. The current plan is to continue to hold the remaining position.

2026 Crop:

Hold Recommendation: No first sales recommendations are expected until early summer.

To date, Grain Market Insider has issued the following Minneapolis wheat recommendations:

March Minneapolis wheat is rangebound between 585 and 613. A close above 613 could trigger a rally toward 655, with resistance at 624 and 637. A close below 585 may lead to a decline toward 568.

Other Charts / Weather

Above: US 7-day precipitation forecast courtesy of NOAA, Weather Prediction Center.

Above two: Brazil and Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.