All Prices as of 2:00 pm Central Time

Corn
MAR ’25	482	-8.25
JUL ’25	496.75	-7.5
DEC ’25	460.25	-4

Soybeans
MAR ’25	1042	-2
JUL ’25	1072.25	-2.25
NOV ’25	1051	-2.5

Chicago Wheat
MAR ’25	559.5	-7
JUL ’25	584.25	-6.25
JUL ’26	638.5	-5

K.C. Wheat
MAR ’25	579.25	-9
JUL ’25	598.5	-9
JUL ’26	639.75	-7.5

Mpls Wheat
MAR ’25	615.5	-4.75
JUL ’25	632	-5.25
SEP ’25	641.5	-5

S&P 500
MAR ’25	6085.5	-13.75

Crude Oil
MAR ’25	72.38	-0.35

Gold
APR ’25	2830	-15.2

Grain Market Highlights

Corn: Closed lower Friday as prices corrected from recent highs. The looming implementation of tariffs on Mexico and Canada added pressure, raising concerns over potential trade disruptions.
Beans: Futures remained subdued, with improved weather in Argentina applying downward pressure on prices. However, gains in soybean oil futures provided some support, helping to limit losses.
Wheat: Tracked corn futures lower on Friday after an overall strong week of gains.
To see the updated 10-day GEFS total accumulated precipitation for South America as well as the 6–10-day temperature and precipitation outlooks for the U.S. scroll down to the other charts/weather section.

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Corn

Action Plan: Corn

Calls

Cash

Puts

2024 Crop:

Sales Target Range: Grain Market Insider is continuing to target towards the top end of the 495 – 515 range vs March ‘25 to recommend making the next sale.
Down Week: March ‘25 fell a net of 4-½ cents this week and posted its first down week since the week of December 30th.
Resistance Levels: Key resistance on the front-month continuous chart stands between the September 2021 low of 497.50 and the May 1996 high of 513.50 — historical levels that could challenge further upside.

2025 Crop:

Hold Recommendation: Grain Market Insider previously recommended making a couple of sales for the 2025 crop in mid-January. For now, the advice is to hold steady as we watch for a move toward 479, which could trigger the next sales recommendation.
Downside Support: Key support for December ‘25 contracts sits at 453.75 — an important level to watch in the current uptrend.
Upside Resistance: Major resistance stands at 479 for December ‘25. A strong close above this level could open the door to broader upside potential as we head into the spring planting window.
Buying Call Options: If prices break through 479, stay tuned for a potential recommendation to purchase call options. This strategy would provide a hedge against existing sales and get you repositioned to the topside in the event of an extended rally.

2026 Crop:

Hold Recommendation: No sales recommendations are anticipated for the crop to be planted in spring 2026 for at least another 3–5 weeks.

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

Market Notes: Corn

Corn futures finished the weak lower as talk of tariffs against Mexico, Canada, and China pressured the market. For the week, the march corn contract traded 4 ½ cent lower and posted a reversal on the weekly chart as momentum has faded from the corn market.
President Trump is planning to install a round of tariffs on Mexico, Canada and China as of February 1. The tariff will be 25% against Mexican and Canadian good, and 10% for Chinese goods. The grain markets are worried about the possible extent of retaliation for the tariffed nations.
Argentina forecasts are looking to turn more friend for crop production going into February. February will be a key month for pod and grain fill on this year’s corn and soybean crops.
A weak close this week and bearish price action could trigger further technical selling. Managed funds currently hold a near-record net long position in corn, and a loss of buying momentum may prompt additional long liquidation.
Despite technical pressures, overall corn demand remains robust. Weekly ethanol production and export demand are outpacing USDA projections. If this trend continues, the USDA may need to tighten ending stock estimates in future reports, which could be supportive of prices.

Corn Uptrend Well Supported
Fund buying and strong demand have sustained the corn market’s uptrend since harvest. Initial support is at 475, with additional support near the breakout area around 450. Overhead resistance is now just below 500.

Soybeans

Action Plan: Soybeans

Calls

Cash

Sell NOV ’25 Cash

Puts

2024 Crop:

Recent Sales Recommendation: Grain Market Insider recently advised selling another portion of your 2024 soybean crop.
Down Week: The March ‘25 contract snapped a five-week winning streak, posting its first weekly loss since December 16. It closed the week down nearly 14 cents.
Resistance: The March ‘25 contract has yet to secure a weekly close above the start of the resistance band at 1060. The last time the front-month contract closed above this level on a weekly continuous chart was the week of September 23 last year.

2025 Crop:

CONTINUED OPPORTUNITY – Grain Market Insider recommends selling the first portion of your 2025 soybean crop.
First Sale Recommendation: Grain Market Insider recommended initiating 2025 soybean sales on Wednesday, as the November ‘25 contract closed at a fresh high of 1063.50, and as the spread between the March ‘25 and November ‘25 contracts flipped from an inversion to a carry. With this spread trending bearish and significant resistance looming near 1070, now looks like a strategic opportunity to start locking in new crop sales. Especially as Grain Market Insider is prepared to quickly recommend reowning this sale with call options if needed.
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 lower after mixed trade throughout the session that was partially caused by some miscommunication over President Trump’s tariff plans. Argentinian weather has improved as well which pressured soybeans. Soybean oil ended the day higher.
Trade has known for weeks that the Trump administration had planned to implement tariffs on Mexico, Canada, and China on February 1, but earlier today, Reuters incorrectly reported that the tariffs would begin on March 1. This cause prices to rally until the White House refuted the claim stating that they would indeed go into effect tomorrow. The tariffs will include Canadian canola oil which was supportive to soybean oil.
The Buenos Aires Grain Exchange reported that Argentina was most likely get rain in February that would put an end to the drought and stop the soybean and corn crops from further deterioration. They expect Argentina to produce 49.6 mmt of soybeans. This news was bearish for soybean meal.
For the week, March soybeans lost 13-3/4 cents while November gained 2-1/4. March soybean meal lost $3.70 to $301.10, and March soybean oil gained 0.89 cents to 46.11 cents. The funds are estimated to be long around 50,000 contracts of soybeans.

Soybeans Face Long-Term Resistance
Front-month soybeans hit resistance at the 200-day moving average in January, a level capping gains for over 18 months. Support is expected near 1000 on a pullback. Initial resistance lies at the 200-day and recent highs around 1060. A weekly close above 1060 could pave the way for a test of the 1100 level.

Wheat

Market Notes: Wheat

Wheat ended the day lower, driven partly by concerns over the tariffs set to take effect on Mexico and Canada tomorrow, February 1st, and the continued strength of the U.S. Dollar.
Tightening global supplies, particularly in the Black Sea region, are expected to persist, providing underlying support to prices. Additionally, growing drought-like conditions in the U.S. Northern Plains, as indicated by the latest drought monitor, show dryness steadily reappearing in the region, further adding to concerns.
Ukraine’s combined grain and oilseed harvest is forecasted to rise to 80 MMT in 2025, up from 76 MMT in 2024, driven by higher wheat seedings, according to Reuters. While Ukraine remains a key grain and oilseed producer, production has been significantly impacted by Russia’s 2022 invasion.
India’s wheat crop remains a growing concern, and it’s now possible that the country will need to import wheat this year. However, due to the strength of the U.S. Dollar, it’s unlikely they will turn to the U.S., as American wheat will be more expensive compared to other global producers. This, however, will still reduce the overall wheat supply on the market.

Action Plan: Chicago Wheat

Calls

Cash

Puts

2024 Crop:

Sales Target Range: Grain Market Insider maintains a target range of 680–705 for March ’25 for the next sale.
Sales Recommendations to Date: So far, three sales recommendations have been issued for the 2024 Chicago wheat crop. The current target range aligns with two earlier recommendations. If you’re behind on sales, this range presents a solid opportunity for a heavier sale.
Open Call Options: For those holding the previously recommended July ’25 860 and 1020 call options, continue holding. While actionable targets remain out of reach, these options still have about five months until expiration in the third week of June.

2025 Crop:

Sales Target Range: The next target range for a sale remains 690–715 vs. July ’25.
Sales Recommendations to Date: Grain Market Insider took a slightly more aggressive strategy for the 2025 crop, capitalizing on market carry during the broader downtrend since the October high. So far, four sales have been made vs. July ’25, averaging approximately 651. A sale within the current target range would boost that average.
Open Put Options: One-quarter of the originally recommended 620 July ’25 put option position remains. Scale-out recommendations were provided for the other three-quarters in July and December. The current strategy is to hold the remaining position for now.

2026 Crop:

Sales Target Range: The next target range for a sale on the 2026 crop remains 700–720 vs July ‘26.
Recent Sales Recommendation: Grain Market Insider recently recommended selling the first portion of the 2026 Chicago wheat crop on January 13th.
Carry & Increased Volume: With growing daily trading volume and approximately 50 cents of additional carry in the July ’26 contract compared to July ’25, the July ’26 contract is shaping up as an early opportunity to watch closely.

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

Chicago Wheat Stays Rangebound
Front-month Chicago wheat remains confined between 530 and 577. A breakout above the 577–586 resistance zone could prompt a retest of 617, while a close below 536 may lead to a decline toward the 521–514 support range.

Action Plan: KC Wheat

Calls

Cash

Puts

2024 Crop:

Sales Target Range: The target range for selling more of your 2024 HRW wheat crop remains 650–700 vs. March ’25.
Sales Recommendations to Date: Grain Market Insider has issued just two sales recommendations so far, reflecting last year’s significant yield uncertainty and limited post-harvest opportunities. These two recommendations, though widely spaced, averaged around 719 vs. July ’24 futures. A sale within the next target range will lower this average, but upside opportunity expectations remain modest for now.
Open Call Options: For those holding the previously recommended July ’25 860 and 1020 call options, continue to hold. While actionable targets are still a way off, these options have about five months remaining until expiration in the third week of June.

2025 Crop:

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

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 Maintains Range
KC wheat has traded between 536 and 583 since November, with initial resistance near the 100-day moving average at 568. A close above 583 could pave the way for a move toward 600, while a close below 536 risks a decline to 525.

Action Plan: Mpls Wheat

Calls

Cash

Puts

2024 Crop:

Potential Sales Target Range: The initial target for another sale of your 2024 HRS wheat crop is a rally to the 610–635 range vs. March ’25. That said, keep in mind that the near-record short position held by the Funds could lead Grain Market Insider to adjust this target range higher as price action develops.
Open Call Options: If you hold the previously recommended KC July ’25 860 and 1020 call options, continue holding them. While actionable targets remain distant, these options have about five months left until their expiration in the third week of June.

2025 Crop:

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

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:

Minneapolis Wheat Holds Range
After months of rangebound trade, spring wheat staged a late-January rally, breaking above its previous range. Overhead resistance lies at the 200-day moving average near 625. Near-term weakness or a close back below 613 would negate the potential breakout and likely see a resumption of rangebound trade.

Other Charts / Weather

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