All prices as of 2:00 pm Central Time

Corn
MAR ’25	458	0.25
JUL ’25	468.25	0.25
DEC ’25	446.25	0.75

Soybeans
MAR ’25	997.25	-0.5
JUL ’25	1019	-1.5
NOV ’25	1011.5	-1.5

Chicago Wheat
MAR ’25	542.5	2
JUL ’25	563	2
JUL ’26	623.5	3.75

K.C. Wheat
MAR ’25	555.75	2.5
JUL ’25	573	3
JUL ’26	616.25	5.5

Mpls Wheat
MAR ’25	594.75	2.5
JUL ’25	611	3.25
SEP ’25	621.5	3.75

S&P 500
MAR ’25	5950	-70.5

Crude Oil
MAR ’25	73.65	0.73

Gold
APR ’25	2688	16

Grain Market Highlights

A daily flash sale to Columbia and strength in crude and wheat helped corn futures bounce off overnight lows to close fractionally higher today.
Soybeans ended the day with minimal losses closing well off their daily lows. Soybean meal futures were lower while soybean oil followed crude higher.
Wheat led all grains higher today as wheat ratings in Kansas deteriorated more than expected from the last USDA update in November.
To see the updated South America 10-day GEFS Total Accumulated Precipitation, in millimeters, courtesy of Tropical Tidbits, scroll down to the other chart/weather 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

Puts

Corn Action Plan Summary

2024 Crop:

Grain Market Insider recently recommended selling a portion of your 2024 corn crop.
With March futures knocking on the door of their highest level since June and continuous corn up roughly 23% from the pre-harvest low in August it is time to reward this rally.
If you missed previous recommendations or need cash flow in the near term, sell into market strength to get current.

2025 Crop:

Target the 455 – 460 versus Dec ‘25 area to make additional sales against your 2025 crop.
The strong demand tone for U.S. corn continues to provide support to the market, but this higher price will likely buy additional planted acres in the US for 2025.
Major resistance for the December 2025 chart sits near the 480 futures level, a close above this area would be a potential breakout of the current range.
Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec ’25 to protect current sales against a potential extended rally.

2026 Crop:

Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

Market Notes: Corn

The corn market fought off early session lows to finish slightly higher on the session. Strength in the wheat and crude oil markets helped support corn markets on Tuesday.
Managed money has stayed an active buyer in the corn market. The most recent Commitment of Trader report released on Monday afternoon showed the hedge funds were net buyers of 67,859 contracts, holding a net long position of 228,806 contracts. This is the hedge funds most bullish view of corn since Feb 2023.
USDA announced a flash sale of corn this morning. Columbia stepped into the export market and purchased 110,000 MT (4.3 mb) of corn for the current marketing year, underscoring ongoing supportive demand for corn.
The corn market remains vigilant about weather conditions in Argentina, where forecasts of dry, warmer weather in mid-January are supportive of prices. However, anticipated rainfall towards late January could influence corn and soybean prices.
The January WASDE and Quarterly Grain Stocks reports on January 10 will be pivotal for stockpile and demand insights, with choppy trading expected ahead of the release.

Above: The uptrend in the corn market remains intact. Initial support below the market lies near 450, with additional support near 434. Initial overhead resistance comes in near 460 with additional resistance near 475.

Above: Corn Managed Money Funds net position as of Tuesday, December 31. Net position in Green versus price in Red. Managers net bought 67,859 contracts between December 24 – 31, bringing their total position to a net long 228,806 contracts.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

2024 Crop:

We are in the time frame when seasonal opportunities typically improve due to the South American growing season.
Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1060-1080 versus March ‘25 area to make additional sales against your 2024 crop.
For those with capital needs, consider making these sales into price strength.

2025 Crop:

We are in the window when targets for additional sales on next year’s crop will start being posted. Though, patience is still recommended since they could be set as late as early spring.
Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov ’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

Market Notes: Soybeans

Soybeans ended the day lower but rebounded significantly off their early morning lows that saw March futures as much as 11 cents lower. After yesterday’s rally, increased chances for rain in Argentina have pressured the complex with soybean meal leading the way lower while soybean oil was higher.
The soybean market’s attention remains squarely on weather conditions in Argentina and Southern Brazil through mid-January. Recent forecasts predicting below-normal precipitation and warmer temperatures have lent support to soybean prices. However, the market’s direction into February will hinge on the reliability of long-range forecasts which are currently suggesting rainfall will resume mid-month.
Hedge funds have shaved their current net short positions in the soybean market over the past couple weeks. As of December 31, hedge funds were net short 42,447 contracts by reducing the short position by a net 25,436 contracts. The short covering has been triggered by the current weather forecasts for Argentina and Southern Brazil.
Indonesia’s admission as a full member of the BRICS bloc, with Brazil currently presiding, has implications for soybeans. As the world’s leading producer of palm oil, Indonesia’s membership could influence global vegetable oil markets, including soybeans, due to potential shifts in trade and policy dynamics.

Above: The recent break in prices found initial support near 950. Initial overhead resistance lies just above the market near 1030 with additional resistance between 1060 and 1075.

Above: Soybean Managed Money Funds net position as of Tuesday, December 31. Net position in Green versus price in Red. Money Managers net bought 25,436 contracts between December 24 – 31, bringing their total position to a net short 42,447 contracts.

Wheat

Market Notes: Wheat

The wheat complex closed higher, with early strength coming from winter wheat crop condition updates, released by select states yesterday afternoon. The good to excellent rating for Kansas came in at 47% which is a sharp decline from the last rating of 55% in November. Conditions also declined in South Dakota, Oklahoma, and Nebraska.
European Union 24/25 wheat exports have reached 11.16 mmt as of January 5. This is down 34% from a year ago, which along with a lower Russian crop, could be supportive to the U.S. wheat export market.
According to data from the CFTC, funds have reduced their net short position in Chicago wheat by 8,247 contracts as of December 31, bringing their total net short to 86,762 contracts. In Kansas City, they reduced their net short position by 1,075 to 33,861 contracts.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Chicago Wheat Action Plan Summary

2024 Crop:

Patience is advised regarding sales, as we monitor the market for improved conditions and timing. With harvest underway in the southern hemisphere and winter wheat into dormancy in the northern hemisphere, this can historically be a slow time of the year for the wheat market.
For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

Grain Market Insider recently recommended liquidating a portion of previously recommended put options.
Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.
Continue holding the remaining quarter of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit these remaining puts if the market makes new lows.
If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

2026 Crop:

Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Above: 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.

Above: Chicago Wheat Managed Money Funds’ net position as of Tuesday, December 31. Net position in Green versus price in Red. Money Managers net bought 8247 contracts between December 24 – 31, bringing their total position to a net short 86,762 contracts.

Action Plan: KC Wheat

Calls

Cash

Puts

KC Wheat Action Plan Summary

2024 Crop:

Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.
For those holding the previously recommended July ’25 860 and 1020 calls, target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

Grain Market Insider recently recommended liquidating a portion of previously recommended put options.
Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.
Continue holding the remaining quarter of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit these remaining puts if the market makes new lows.

2026 Crop:

Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: 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.

Above: KC Wheat Managed Money Funds’ net position as of Tuesday, December 31. Net position in Green versus price in Red. Money Managers net bought 1,075 contracts between December 24 – 31, bringing their total position to a net short 33,861 contracts.

Action Plan: Mpls Wheat

Calls

Cash

Puts

Mpls Wheat Action Plan Summary

2024 Crop:

Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.
For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

Grain Market Insider sees a continued opportunity to liquidate half of the remaining open July ’25 620 KC wheat puts at approximately 86 cents in premium minus fees and commission. Back in July Grain Market Insider recommended selling half of the original position to offset the cost of the now remaining puts. Our research shows that, with the July ’25 futures contract down roughly 14% from its October high of 653.75, this is an attractive risk/reward point to exit half of the remaining July ’25 620 KC Wheat put options as we approach the winter dormancy period.
Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.
Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: 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.

Above: Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, December 31. Net position in Green versus price in Red. Money Managers net bought 161 contracts between December 24 – 31, bringing their total position to a net short 27,143 contracts.

Other Charts / Weather

Above: South America 10-day GEFS Total Accumulated Precipitation, in millimeters, courtesy of Tropical Tidbits.