All prices as of 2:00 pm Central Time

Corn
DEC ’24	421.5	2.5
MAR ’25	435	3
DEC ’25	443.5	1.75

Soybeans
NOV ’24	996.25	-1.25
JAN ’25	1005	0
NOV ’25	1036.25	0.5

Chicago Wheat
DEC ’24	581.5	3
MAR ’25	600.75	2.5
JUL ’25	615.25	1.25

K.C. Wheat
DEC ’24	587	1.5
MAR ’25	601.25	1
JUL ’25	617.5	0

Mpls Wheat
DEC ’24	618	2.5
MAR ’25	639.75	2.25
SEP ’25	664.25	2.5

S&P 500
DEC ’24	5845.25	7.5

Crude Oil
DEC ’24	70.28	-0.49

Gold
DEC ’24	2748.9	19.5

Grain Market Highlights

Record strong weekly export sales and more daily flash export sales of corn helped keep upward momentum in corn futures as we head toward the end of the week.
After strong weekly export sales this morning, soybean futures traded higher before ending the day slightly lower. Soybean oil futures continued higher today while soybean meal futures fell lower for a third straight session.
Wheat futures ended the day mostly higher after non-impressive weekly export sales were reported this morning. Weather worries around the globe, as well as in the US Plains, continues to keep support under the wheat complex.
To see the updated US 7-day precipitation forecast and the South American 7-day 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

The corn market extended its rally for the fourth consecutive day, with the December contract closing just above the mid-point of the day’s 5 ¾ cent range as strong weekly export sales and another flash sale kept upward momentum in place.
This morning the USDA reported weekly export sales as of October 17. New sales for the 24/25 marketing year were strong, coming in above expectations at 141.8 mb (3.603 mmt) Sales for the 25/26 marketing year were near the low end of expectations at 22.8 mb (581,000 mt). The strong combined sales mark the fifth-largest weekly sales total in the last twenty years.
Keeping in the theme of strong US corn demand, the USDA announced new private export sales of corn totaling 165,000 mt to unknown destinations for the 24/25 marketing year. This marks the seventh consecutive day with announced flash sales of corn.
Basis levels for corn continue to remain firm in the Midwest, reflecting strong demand for fresh supplies at processors and the slowing pace of farmer sales as they remain busy considering harvest weather remains favorable.
November options expire on Friday. While corn futures lack a November contract, there is a November options contract tied to December futures, with significant open interest at the 420 strike price. This could lead to added volatility around the 420 level in December futures as options trading wraps up.

Above: The rally from the 400 support level puts December corn on track towards a potential test of the 428 – 434 resistance area. If the turnaround fails and prices breach the 400 area and close below 397, prices could be at risk of retreating towards the 385 support level.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

After peaking in early October, the soybean market declined as harvest activity and hedge pressure increased rapidly, driven by warm, dry conditions in the US and improving planting conditions in Brazil. With the harvest now in its final stages, we are entering a period when selling opportunities tend to improve as hedge pressure eases, and South American weather becomes a more dominant factor in their growing season. That said, managed funds hold a relatively small net short position, which creates the potential for volatility in either direction. Prices could rise if South American conditions decline or US demand improves, encouraging further fund buying, or decline if South American conditions improve and US demand remains stagnant, prompting funds to potentially rebuild short positions.

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 were mixed to end the day after opening significantly higher. The November contract ended the day slightly lower while January was unchanged, and the deferred contracts ended slightly higher. Solid exports this morning pushed prices higher, but they began to slide around midday. Soybean meal ended the day lower while soybean oil was higher. This was the lowest close for December meal since August 29.
Today’s Export Sales report showed another week of strong sales in soybeans. The USDA reported an increase of 79.1 million bushels of soybean export sales for 24/25 which was at the upper range of analyst expectations. Last week’s export shipments of 89.9 mb were well above the 35.9 mb needed each week to achieve the USDA’s export estimates. Primary destinations were to Mexico, unknown destinations, and Japan.
This morning, private exporters reported a sale of 198,000 metric tons of soybeans for delivery to unknown destinations for the 24/25 marketing year. This follows two sales reported yesterday which were for 130,000 mt and 259,000 mt to China and unknown destinations respectively. Good export demand has been a large source of support for soybeans and corn recently.
The US ag attaché in Brazil is now estimating that the 24/25 soybean crop in the country will be 161 mmt. This estimate has been increased from 160 mmt in the previous estimate. While planting had a late start in Brazil, the pace has picked back up quickly with steady rains.

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.

Wheat

Market Notes: Wheat

Except for deferred Kansas City contracts, wheat closed higher across the board today, and this is despite trading both sides of neutral through the session. The US Dollar Index did finally take a breather today, which may have eased some pressure on the wheat market.
The USDA reported an increase of 19.6 mb of wheat export sales for 24/25. Shipments last week at 10.2 mb fell under the 14.9 mb pace needed per week to reach their export goal of 825 mb. Wheat sales commitments have reached 481 mb for 25/25 which is up 18% from last year.
According to the Rosario Grain Exchange, recent heavy rains in key growing regions of Argentina were a “game changer” for corn and wheat farmers. Reportedly, between 30-90 millimeters of rain was received in the last 24 hours. This is said to be crucial for wheat, which is in the last few weeks of yield development before harvest begins in November.
The US ag attaché for Australia has estimated their 24/25 wheat harvest at 28.5 mmt, which falls under the USDA’s forecast of 32 mmt, and is also 1.9 mmt below the 10-year average. Additionally, the attaché has Australian wheat exports at 20 mmt, down from the USDA’s estimate of 25 mmt.
According to the USDA, as of October 22, an estimated 58% of US winter wheat acres are experiencing drought conditions – this is up from 52% last week. In addition, drought in spring wheat areas has also increased from 32% to 37% for the same time period.
Since the season began on July 1, Ukrainian grain exports have totaled 13.3 mmt in the face of an ongoing war. This is up 60% year on year from just 8.3 mmt in the same timeframe last year, according to their ag ministry. Wheat in particular is up 77% year on year with 7.3 mmt of exports. With this said, there is some concern about the winter crops that are currently being planted. According to APK-Inform, almost all seedlings are underdeveloped due to the impacts of drought this summer and fall.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Chicago Wheat Action Plan Summary

Since reaching its recent high in early October, the Chicago wheat market has gradually moved lower as conditions in the Southern Hemisphere improved. While some production concerns in Australia appear to have eased, dryness remains an issue in the US Plains and the Black Sea region. Despite more competitive Russian and Black Sea wheat prices, US export demand remains firm, though these lower prices may still limit US prices. However, any US crop concerns or increased demand could support higher prices. Additionally, the managed funds’ net short position is much smaller than it was in late July, giving them the flexibility to either extend their shorts or go long, which could amplify market movements in either direction in the coming weeks.

No new action is recommended for 2024 Chicago 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. Currently, our strategy remains to target 740 – 760 versus Dec ’24 to recommend further sales. While this range may seem far off, based on our research, it represents the potential opportunity that this crop year can present as we move into the planting and winter dormancy windows of the next crop cycle. Considering this potential, we also continue to target 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.

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 KC wheat contract appears to have found support in the 580 – 575 area. A break below this level could put the market at risk of trading toward 561 support. Otherwise, should this area of support hold, prices could rebound toward recent highs and test resistance near 623, with initial resistance around 592.

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.

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.

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