All prices as of 2:00 pm Central Time

Corn
DEC ’24	409.5	4.75
MAR ’25	423.25	4.25
DEC ’25	437.25	2

Soybeans
NOV ’24	981	11
JAN ’25	989.75	7
NOV ’25	1025.5	5.5

Chicago Wheat
DEC ’24	572.25	-0.5
MAR ’25	592.25	-0.25
JUL ’25	609.5	0.25

K.C. Wheat
DEC ’24	582.25	1.5
MAR ’25	597	1.25
JUL ’25	614.25	1.5

Mpls Wheat
DEC ’24	614	-2.5
MAR ’25	636	-2
SEP ’25	656.75	-4.75

S&P 500
DEC ’24	5886.75	-19.25

Crude Oil
DEC ’24	70.13	1.44

Gold
DEC ’24	2734.6	4.6

Grain Market Highlights

The corn market settled at the upper end of its daily range, though below 410 resistance in the December contract, as it found support from several flash sales, solid export inspections totals and higher soybeans.
Continued bull spreading advanced November beans higher versus the January contract and helped support prices into the close along with new export sales, strong export inspections, and higher soybean meal and oil.
A surging US dollar and lower than expected wheat export inspections totals weighed heavily on the wheat complex today, which settled mixed on the day after trading higher earlier in the session.
To see the updated US 7-day precipitation forecast, and the South American 1-week forecast total precipitation, courtesy of the National Weather Service, Climate Prediction Center, scroll down to the other Charts/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

Since hitting a peak in early October, corn prices have fallen off as harvest continues at a rapid pace with record yields according to the USDA, and South American weather has turned more seasonal. Now that managed funds have covered most of their record short positions, they have flexibility to establish net long or net short positions. Any unexpected downward shift in anticipated US supply or deterioration in South American growing conditions could trigger managed funds to continue buying and rally prices further. However, if harvest yields remain strong and South American weather turns more favorable, prices could be at risk of retreating.

Catch-up sales opportunity for the 2024 crop. If you missed any of our past sales recommendations, there may still be good opportunities to make additional sales for this crop. While this time of year doesn’t often provide the best pricing, a rally back toward the 429 – 460 area versus Dec ’24 could provide a solid opportunity to make any catch-up sales. Also, if storage or capital needs are a concern, you could consider selling additional bushels into market strength. We don’t anticipate making any sales recommendations until late fall at the earliest, or possibly as late as early spring when seasonal opportunities tend to improve.
Catch-up sales opportunity for the 2025 crop. Between early June and late July Grain Market Insider made three separate sales recommendations to get early sales made for next year’s crop. If you happened to miss those opportunities and are looking to make additional early sales for next year, you could consider targeting the 455 – 475 area versus Dec ’25 to take advantage of any post-harvest strength. For now, considering the seasonal weakness of the market around harvest time, we will not be posting any targeted areas for new sales until late fall or early winte. Although we are targeting the 470 – 490 area to buy upside calls to protect current sales in case the market experiences an extended rally beyond that point.
No Action is currently recommended for 2026 corn. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Market Notes: Corn

Corn futures followed soybeans higher as buyers supported the front month December futures, lifting the entire market higher. Despite today’s gains, the December contract failed to push through resistance at the 410 level.
The December-March corn spread has narrowed over the past week, moving from -18 cents under March futures last week to -13 ½ cents today. Bull spreading at harvest suggests an increase in demand for fresh supplies, driven either by a lack of farmer selling, increased export demand, or transportation issues. Mississippi River levels at Memphis have become restrictive, causing the basis for both corn and soybeans to shift to a premium over the Board. The need to transport corn to Gulf export terminals is likely supporting the bull spreading seen in the market.
Weekly corn export inspections were within expectations at 39 mb (1.00 mmt) for last week. Corn inspections are off to a strong start for the marketing year with total inspections up 31% over last year.
The USDA announced three separate corn flash sales before the session this morning. Mexico purchased 196,926 mt (6.7 mb), South Korea purchased 130,000 mt (5.1 mb) and Unknown purchased 198,192 mt (7.8 mb), all sales were for the 24/25 marketing year.
Corn harvest is expected to progress steadily as favorable weather conditions persist. The influx of new bushels into the pipeline will likely limit upside price potential in the corn market. Last week, the US corn harvest was 47% complete, and that figure is likely to increase again this week.

Above: The recent decline in prices from the early October high has been met with support near the psychologically significant 400 area. If this area holds and prices turn higher, the rally may be met with resistance around 415, with more significant resistance towards 428 – 434. Otherwise, a breach of 400 and close below 397 could signal a further decline with support near 385, and again around 372.

Corn Managed Money Funds net position as of Tuesday, Oct. 15. Net position in Green versus price in Red. Managers net sold 63,259 contracts between Oct. 9 – 15, bringing their total position to a net short 86,988 contracts.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

After hitting a seasonal low in mid-August, the soybean market rose steadily, reaching its peak in early October, driven by drier conditions in the US during the later stages of crop development and continued dryness in key soybean-growing regions of South America. During this time, managed funds covered over 80% of their significant short positions, creating the potential for volatility in either direction. Prices could rise if South American conditions worsen, encouraging further fund buying, or decline if conditions improve, prompting funds to potentially rebuild short positions. Seasonally, once harvest is complete, prices tend to firm as hedge pressure subsides and the market begins to price in any potential South American weather premium.

Catch-up sales opportunity for the 2024 crop. If you missed the June sales recommendation triggered by the market’s close below 1180, there may still be an opportunity to make a catch-up sale. While we don’t expect the current harvest period to offer the best pricing, a rally back to the 1050 – 1070 range versus Nov ’24 could provide a good opportunity. For those with storage or capital needs, consider making these catch-up sales into price strength. If the market rallies further, additional sales can be considered in the 1090 – 1125 range versus Nov ’24. No further sales recommendations are anticipated until seasonal pricing opportunities improve, likely late fall to early spring.
No Action is currently recommended for 2025 Soybeans. To date, Grain Market Insider has not recommended any sales for next year’s soybean crop. First sales targets will probably be set in late fall or early winter at the earliest. Currently, our focus is on watching for opportunities to recommend buying call options. Should Nov ‘25 reach the upper 1100 range, the likelihood of an extended rally would increase, and we would recommend buying upside call options at that time in preparation for that possibility.
No Action is currently recommended for 2026 Soybeans. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Market Notes: Soybeans

Soybeans ended the day higher to start the week with the November contract leading the. November options expire this Friday, which could be impacting futures prices along with the export sales reported this morning. Both soybean meal and oil ended the day higher as well.
This morning, the USDA reported private export sales totaling 116,000 metric tons of soybeans for delivery to unknown destinations during the 24/25 marketing year. The USDA also reported a sale of 264,000 mt of soybeans received in the reporting period for delivery to unknown destinations during the 24/25 marketing year.
Today’s export inspections report showed strong soybean numbers, totaling 89.4 million bushels for the week ending October 17. This brings total inspections for the 24/25 marketing year to 290 million bushels, down 3% from last year. The USDA projects total soybean exports at 1.850 billion bushels for 24/25, an increase of 9% from the previous year.
Friday’s CFTC report indicated that as of Oct. 15th, managed funds were net sellers of 18,543 soybean contracts, which increased their net short position to 40,341 contracts. When soybeans made their recent low in August, funds held a net short position of around 175,000 contracts.

Above: The recent downtrend appears to have found support near 980 on the front month chart, and with the market showing signs of being oversold, prices could rebound toward recent highs near 1070. Before that, prices may encounter resistance around 1025. If prices break the 980 support level in the January contract, they could find additional support near 955 and again around 940.

Soybean Managed Money Funds net position as of Tuesday, Oct. 15. Net position in Green versus price in Red. Money Managers net sold 18,543 contracts between Oct. 9 – 15, bringing their total position to a net short 40,341 contracts.

Wheat

Market Notes: Wheat

Early gains in wheat prices gave way to weakness, leading to a mixed close across the three futures classes. The US Dollar Index surged sharply today, hitting its highest level since early August and added pressure to the wheat market. Moreover, the index has traded above the 200-day moving average for three consecutive sessions, indicating potential for further gains.
Weekly wheat export inspections of 9.9 mb bring total 24/25 wheat inspections to 340 mb, which is up 34% from last year and ahead of the USDA’s estimated pace. The USDA is projecting 24/25 exports to rise 17% from last year, reaching 825 mb.
According to IKAR, Russian wheat export prices ended last week at $234 per metric ton FOB, a $4 increase from the previous week. However, this remains below the October floor price of $240 set by the Russian Grain Export Union. In related news, SovEcon reported that Russia exported 1.01 mmt of grain last week, with wheat accounting for 940,000 mt, down from 1.19 mmt the previous week.
Southern Russia and eastern Ukraine continue to face drought conditions, though recent rains have provided some relief. However, as time progresses, the likelihood of frost and freezing conditions increases. Farmers are hoping for adequate winter precipitation to supply wheat with the necessary moisture as it emerges from dormancy.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Chicago Wheat Action Plan Summary

After posting a low in late July, the wheat market staged a rally triggered by crop concerns due to wet conditions in the EU, smaller crops out of Russia and Ukraine, and dryness in the US plains. The nearly 100-cent rally from the August low to October high also saw Managed funds cover about two-thirds of their net short positions. While cheaper Russian export prices continue to be a limiting factor for US prices, a new season is upon us with many uncertainties ahead that could keep volatility in the market. Additionally, US export sales remain ahead of the pace set last year and in 2022, and any increase in demand from lower World supplies could rally prices further.

No new action is recommended for 2024 Chicago wheat. Considering the rally in wheat back in May, we recommended taking advantage of the elevated prices to make additional sales and buy upside July ’25 860 and 1020 calls (for their extended time frame) in case of a protracted rally. Our current strategy is to target 740 – 760 versus Dec ’24 to recommend further sales, while also targeting a selling price of about 73 cents in the 860 calls to achieve a net neutral cost on the remaining 1020 calls. The remaining 1020 calls would then continue to protect existing sales and give you confidence to make additional sales at higher prices.
No new action is recommended for 2025 Chicago wheat. In September, we recommended taking advantage of the rally in wheat to make additional sales on your anticipated 2025 SRW production. While we continue to recommend holding July ’25 620 puts—after advising to exit the first half back in July—to maintain downside coverage for any unsold bushels, our Plan A strategy continues to target a 10-15% extension from our last sale to the 650–680 area in July ’25 to suggest making additional sales. Should the market show signs of a potentially extended rally, our Plan B strategy is to protect current sales and target the 745 – 775 area to buy upside calls in case the market rallies significantly beyond that point.
No action is currently recommended for 2026 Chicago Wheat. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted next year, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Above: Since hitting resistance near 617, December Chicago wheat has stair-stepped lower to the point of testing the 575 – 560 support area. A close below there could put the market at risk of sliding toward the major support area between 521 and 514. Though intermediate support may be found around 544. Meanwhile, initial overhead resistance may lie between 595 and 600.

Chicago Wheat Managed Money Funds net position as of Tuesday, Oct. 15. Net position in Green versus price in Red. Money Managers net bought 3,436 contracts between Oct. 9 – 15, bringing their total position to a net short 26,013 contracts.

Action Plan: KC Wheat

Calls

Cash

Puts

KC Wheat Action Plan Summary

After hitting a market low in late August, the wheat market has rallied driven by crop concerns in the EU and reduced production from Russia and Ukraine. The rise in prices from late August through early October also prompted Managed funds to cover a significant portion of their net short positions. Although more competitive Russian export prices continue to cap potential gains for US wheat, the onset of a new season introduces a range of uncertainties that could fuel market volatility. Moreover, US export sales are currently outpacing last year’s figures and those from 2022, meaning that any uptick in demand due to tighter global supplies could further lift prices.

No new action is recommended for 2024 KC wheat. Considering the upside breakout in KC wheat back in May, we recommended buying upside July ’25 860 and 1020 calls (for their extended time frame) in case of a protracted rally. Our current strategy is to target 635 – 660 versus Dec ’24 to recommend further sales, while also targeting a selling price of about 71 cents on the 860 calls to achieve a net neutral cost on the remaining 1020 calls. The remaining 1020 calls would then continue to protect existing sales and give you confidence to make additional sales at higher prices.
No new action is currently recommended for 2025 KC Wheat. While we still recommend holding the remaining half of the previously suggested July ’25 620 puts for downside protection on unsold bushels, we recently advised selling another portion of your anticipated 2025 HRW wheat production in light of the early fall rally in the wheat market. Looking ahead, our current Plan A strategy is to target the 700–725 range for additional sales, while our Plan B strategies involve targeting the upper 400 range to exit half of the remaining 620 puts if the market turns toward new lows and targeting the 745–770 area to buy upside calls in case the market rallies significantly beyond that point.
No action is currently recommended for 2026 KC Wheat. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted next year, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Above: The December contract’s break below 592 suggests that prices could decline further toward 561, with initial support likely around the 50-day moving average before reaching that level. On the upside, initial resistance is expected near 592, with stronger resistance around 623.

KC Wheat Managed Money Funds’ net position as of Tuesday, Oct. 15. Net position in Green versus price in Red. Money Managers net sold 604 contracts between Oct. 9 – 15, bringing their total position to a net short 6,488 contracts.

Action Plan: Mpls Wheat

Calls

Cash

Puts

Mpls Wheat Action Plan Summary

Since posting a seasonal low in late August, Minneapolis wheat has traded up to its 200-day moving average and its highest level since mid-July. During this period, managed funds have covered about 75% of their short positions in Minneapolis wheat. While more competitive export prices out of Russia continue to limit upside opportunities, concerns regarding world wheat supplies remain, which could increase opportunities for US exports and potentially drive prices higher.

No new action is recommended for 2024 Minneapolis wheat. With the close below 712 support in June, Grain Market Insider implemented its Plan B stop strategy, recommending additional sales for the 2024 crop due to waning upside momentum and an increased likelihood of a downward trend. Given the heightened volatility and the amount of time that remains to market this crop, we will maintain the current July ’25 KC wheat 860 and 1020 call options. Our target is a selling price of about 71 cents for the 860 calls to achieve a net neutral cost on the remaining 1020 calls. These 1020 calls will continue to protect existing sales and provide confidence to make additional sales at higher prices. Now that the spring wheat harvest is behind us, and we are at the time of year when seasonal price trends tend to become more friendly, we are targeting the 675 – 700 range to recommend making additional sales.
No new action is currently recommended for the 2025 Minneapolis wheat crop. Since the growing season can often yield some of the best sales opportunities, we made two separate sales recommendations in July to get some early sales on the books for next year’s crop. While we will not target any specific areas for additional sales until November or December, when seasonal opportunities tend to improve, we continue to hold the remaining July ’25 KC 620 puts that were recommended in June for downside protection. To that end, we are currently targeting the upper 400 range versus July ’25 KC to exit half of those remaining puts. Additionally, should the wheat market show signs of an extended rally, we are targeting the 745–770 area in July ’25 KC to buy July ’25 KC upside calls in case the market rallies significantly beyond that point.
No Action is currently recommended for the 2026 Minneapolis wheat crop. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Above: The recent break below the 100-day moving average suggests that prices could drift further toward the 604 support area, with additional support near the 50-day moving average before reaching that level. If prices turn higher, overhead resistance may be around 632, with stronger resistance near 655.

Minneapolis Wheat Managed Money Funds net position as of Tuesday, Oct. 15. Net position in Green versus price in Red. Money Managers net bought 2,514 contracts between Oct. 9 – 15, bringing their total position to a net short 5,147 contracts.

Other Charts / Weather

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

Above: Brazil and N. Argentina 1-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

Argentina 1-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

Grain Market Highlights

Corn

Action Plan: Corn

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Corn Action Plan Summary

Market Notes: Corn

Soybeans

Action Plan: Soybeans

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Soybeans Action Plan Summary

Market Notes: Soybeans

Wheat

Market Notes: Wheat

Action Plan: Chicago Wheat

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Chicago Wheat Action Plan Summary

Action Plan: KC Wheat

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

KC Wheat Action Plan Summary

Action Plan: Mpls Wheat

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Mpls Wheat Action Plan Summary

Other Charts / Weather