All prices as of 2:00 pm Central Time

Corn
DEC ’24	418.5	2
MAR ’25	432	2
DEC ’25	442.25	1.5

Soybeans
JAN ’25	1001.75	4.5
MAR ’25	1014.75	3
NOV ’25	1035.75	0.5

Chicago Wheat
DEC ’24	572.5	3.75
MAR ’25	591	3.5
JUL ’25	607.75	3.25

K.C. Wheat
DEC ’24	576.75	5.75
MAR ’25	589	5.25
JUL ’25	606.75	5

Mpls Wheat
DEC ’24	610.5	5.5
MAR ’25	632.25	5
SEP ’25	657.5	3.25

S&P 500
DEC ’24	5802.25	59

Crude Oil
JAN ’25	71.6	0.57

Gold
JAN ’25	2762.4	3.8

Grain Market Highlights

The corn market settled higher on the day, though just below yesterday’s highs, after a quiet session as traders squared positions ahead of today’s election results.
Soybeans consolidated for the third consecutive day, settling higher and supported by lower crop estimates despite another drop in soybean oil as traders await election results.
Soybean oil followed through on yesterday’s weakness to close with a 57 point loss. While meal ended the day mildly mixed and near unchanged.
The wheat complex closed higher across all three classes, supported by a lower US dollar trading at two-week lows and additional buying interest near 565 that bolstered December Chicago wheat.
To see the updated US 5-day precipitation forecast, 6 – 10 day Temperature and Precipitation Outlooks, and 7-day total precipitation for Brazil and N. Argentina, 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

For much of this fall, corn prices — primarily driven by improved export sales and a swift harvest — have largely traded sideways within a broad 400 – 430 range after rebounding from the August low. With the harvest drawing to a close, the market’s focus will shift toward demand and South American production. While expectations remain for large 2024 supplies, strong export and ethanol demand have brought the USDA’s estimated carryout to a less burdensome level, just below two billion bushels. With the upcoming WASDE report, the market may break out of this range depending on any adjustments the USDA decides to make. An increase in demand could push prices back toward the upper end of the range or higher, while minimal or no changes could allow prices to continue drifting sideways or even lower.

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 posted a slight gain for the third consecutive session. With overall market news remaining quiet, traders squared positions in anticipation of today’s presidential election results.
Corn futures have been trading within a narrow range since the end of October, specifically between 409 and 420 in the December contract since October 28. Throughout this period of sideways movement, managed funds have significantly reduced their short positions in the corn market, potentially positioning for the next move following today’s election.
Corn demand has held steady in recent weeks, lending support to prices. The USDA announced a flash sale this morning, with unknown destinations purchasing 124,000 metric tons (4.9 mb) of corn for the current marketing year.
In the weekly USDA Crop Progress report, corn harvest was reported at 91% complete, well above the 5-year average of 75%, as dry weather has helped accelerate the harvest pace. With harvest nearing completion, harvest pressure on the market will likely ease.

Above: The close above 415 ¾ in December corn suggests potential for a rally toward the 425 resistance level. Conversely, if prices turn lower, a close below 409 may indicate a decline toward the 397 support level.

Above: Corn percent harvested (red) versus the 5-year average (green) and last year (purple).

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 any of our previous sales recommendations, there may still be an opportunity to make a catch-up sale. While we don’t expect the fall to offer the best pricing, a rally back to the 1050 – 1070 range versus Jan ‘25 could provide a good opportunity. For those with 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 Jan ‘25. 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 closed higher, led again by the front months, while deferred months trailed. Trade was relatively quiet today as analysts await election results. Soybean meal ended mixed, while soybean oil was lower. Strong export demand before the election has been a key source of support, along with favorable crush numbers.
This Friday, the USDA will release its Supply and Demand report. StoneX has just revised its soybean crop estimates significantly lower from last month, with yield estimates adjusted to 52.6 bpa, down from 53.5 bpa. It would not be surprising if the USDA also revises its estimate lower after recent dry periods likely impacted yields.
Yesterday, the USDA’s Crop Progress report showed that 94% of the soybean crop has been harvested, up from 89% last week and above the 85% average for this time of year. With harvest nearly complete, it’s possible that harvest lows are already in.
In Brazil, the 24/25 soybean crop is reportedly 54% planted, compared to 36% last week and 51% a year ago. This is the second-highest planting percentage for this time of year, despite an earlier drought that had caused some delays.

Above: Since mid-October the soybean market has been largely rangebound between 1018 on the topside and 980 down below. A breakout above 1018 could suggest a rally back toward the September highs, with intermediate resistance near the 100-day moving average. Whereas a close below 980 could find additional support near 955 and again around 940.

Above: Soybeans percent harvested (red) versus the 5-year average (green) and last year (purple).

Wheat

Market Notes: Wheat

All three US wheat classes closed in the green today, supported by another drop in the US Dollar Index to two-week lows. Additionally, December Chicago wheat appears to be building support around the 565 level after testing it over the past four sessions.
According to the USDA’s Crop Progress report, winter wheat was 87% planted as of November 3, just below last year’s pace of 88% and the average of 89%. Additionally, 66% of the crop has emerged, behind last year’s 72% and the average of 71%. The crop was rated 41% good to excellent, up 3% from the previous week, likely reflecting recent rains in wheat-growing areas. This compares with 50% good to excellent a year ago.
Russia’s grain harvest may fall by 20-22 mmt due to inclement weather, according to the Russian ag minister. The harvest estimate has been adjusted closer to 130 mmt, down from the previous 150 mmt.
Despite anticipated declines in domestic production, South African wheat imports are still expected to fall 7% this season, according to the Agricultural Business Chamber of South Africa. This is attributed to higher-than-normal stocks, which were boosted in recent months to take advantage of lower global prices. Stocks at the start of October totaled 753,000 mt, up 34% from the same time last year.
As of November 4, Ukrainian farmers have planted 4.91 million hectares of winter grain, about 95% of the expected area, according to their ag ministry. Winter wheat, which accounts for roughly 95% of Ukraine’s total wheat production each year, is reported to be about 96% planted, covering 4.3 million hectares.

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: The swift turnaround on October 29 suggests initial support below the market may rest near 558. A close below this level could put the market at risk of trading down toward the 521 – 514 support area, with intermediate support possibly around 544. Initial resistance lies near 580 with more significant resistance around 595 – 600.

Action Plan: KC Wheat

Calls

Cash

Puts

KC Wheat Action Plan Summary

Since peaking in early October, the wheat market has gradually declined, influenced by improved crop conditions in the Southern Hemisphere. Production concerns in Australia have eased somewhat, but dryness remains an issue in the US Plains and the Black Sea region. Although Russian and Black Sea wheat prices are more competitive, US export demand remains steady, though lower global prices could still limit US prices. However, potential issues with the US crop or a rise in demand could push prices higher. Additionally, managed funds’ net positions could now be considered mostly neutral, allowing flexibility to either extend short positions or go long, which could amplify market movements in either direction in the weeks ahead.

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, considering the early October rally, we advised selling another portion of your anticipated 2025 HRW wheat production. Looking ahead, our current Plan A strategy is to target the 640 – 665 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 market has largely been sideways since rallying off 561 support on Oct. 29. A close above 583 could set the market up to rally toward the 593 – 603 resistance area around the 200-day moving average. Otherwise, a break below 561 could find minor support near 555, with major support around the August low of 527.

Above: Winter wheat percent harvested (red) versus the 5-year average (green) and last year (purple).

Above: Winter wheat condition percent good-excellent (red) versus the 5-year average (green) and last year (purple).

Action Plan: Mpls Wheat

Calls

Cash

Puts

Mpls Wheat Action Plan Summary

After peaking near the 200-day moving average in early October, Minneapolis wheat has been retreating toward its August low. At the same time, managed funds have started rebuilding some of their net short positions. While more competitive Russian export prices continue to limit upward potential, concerns about global wheat supplies persist, potentially increasing opportunities for US exports and driving prices back higher.

No new action is recommended for 2024 Minneapolis wheat. Now that we are at the time of year when seasonal price trends tend to become more friendly, we are targeting the 630 – 655 range to recommend making additional sales. Additionally, given 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.
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, 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: So far, the 615 – 624 resistance area has held. A close above this area could set the market up for a rally towards the October highs with intermediate resistance near 637. To the downside, a close below 595 could set the market up to break further and test the August low of 563.

Other Charts / Weather

Above: US 5-day precipitation forecast courtesy of NOAA, Weather Prediction Center.

Above: Brazil and N. Argentina 7-day total accumulated 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