All prices as of 2:00 pm Central Time

Corn
DEC ’24	427.25	-2
MAR ’25	437.75	-2
DEC ’25	439.5	-1.5

Soybeans
JAN ’25	998.5	-11.25
MAR ’25	1008.5	-10.5
NOV ’25	1021	-5.75

Chicago Wheat
DEC ’24	549.75	2.5
MAR ’25	567.75	2
JUL ’25	584.25	2.75

K.C. Wheat
DEC ’24	558.25	3
MAR ’25	569.5	2.5
JUL ’25	585.5	3

Mpls Wheat
DEC ’24	585	12.75
MAR ’25	604.25	13
SEP ’25	635.5	13

S&P 500
DEC ’24	5930.75	10.75

Crude Oil
JAN ’25	69.27	0.1

Gold
JAN ’25	2646.1	19.5

Grain Market Highlights

With little fresh news to trade, the corn market faded from early session highs and reversed lower as it came under pressure from neighboring soybeans and traders took profits from the recent rally.
Weakness in both products, and the prospect of a large South American soybean crop continue to weigh on the soybean market, which closed near session lows following a day of choppy trade.
Despite escalating tensions in the Black Sea, all three wheat classes closed well off the session highs pressured by solid winter wheat crop ratings, and the advancing harvest in the Southern Hemisphere.
To see updated US and South American weather outlooks, 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

2024 Crop:

If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.
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.
New sales recommendations will be issued when seasonal opportunities improve. This could be as early as late fall or as late as early spring.

2025 Crop:

If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.
Considering seasonal weakness, no new sales recommendations will be issued until opportunities improve, which could be as soon as late fall or as late as early spring.
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

Corn gained early strength from a higher wheat market driven by rising Black Sea war tensions but succumbed to potential profit-taking as it hit resistance above 430 CZ. Additional pressure came from lower-trading soybeans.
Ukraine’s Ag. Ministry reported that the country’s corn acres are expected to expand next year by 500,000 hectares (1.2 million acres), primarily from soybean acres.
The December/March corn spread traded to -9 ¾ cents, its strongest level in eleven months before fading midday, as strong demand supports basis and spreads with processors and exporters working to keep supply lines filled.
The corn market may see an increase in volatility this week as December options expire Friday and First Notice Day nears next week, which could bring an increase in activity and money flow.

Above: Soybeans appear to have found nearby support around 986. A close above 1014 could lead to another test of the 1044 -1050 area. Otherwise, should the market trade through there and close below 975 support, prices could drift towards 940.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

2024 Crop:

If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.
Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.
New sales recommendations will be issued as seasonal opportunities improve, which could be anytime between late fall and early spring.

2025 Crop:

Sales targets have not been announced for next year’s crop. Patience is recommended, the earliest they will be set will be late fall or early winter, and early spring at the latest.
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 lower after mixed trade, with early overnight gains erased by pressure from weaker soybean oil and slightly lower meal. Prices remain near the $10 mark as favorable South American weather weighs on the market, while strong demand provides underlying support.
Brazil’s Agriculture Minister Carlos Favaro announced plans to unveil farm agreements and potential export deals with China, covering various ag products. This comes amid rising tensions involving Russia, the US, and China.
Brazil’s 24/25 soybean planting reached 80% by November 14, up from 67% a week ago and 68% last year. Weather remains favorable, with consistent rain in central regions supporting the crop.
As of the latest CFTC report, managed funds held a net short position of 55,000 contracts. Since November 12, funds have been relatively quiet, adding an estimated 5,000 short contracts.

Above: Soybeans appear to have found nearby support around 986. A close above 1014 could lead to another test of the 1044 -1050 area. Otherwise, should the market trade through 986 and close below 975 support, prices could drift towards 940.

Wheat

Market Notes: Wheat

Wheat faded from early strength to close slightly higher across all three classes, mirroring Paris milling wheat futures. A lack of fresh news and ongoing Southern Hemisphere harvests may be capping gains.
According to the USDA, as of November 17, 94% of the US winter wheat crop was planted, in line with last year but slightly below the 96% average. Emergence reached 84%, matching the average but 1% below last year. The crop is rated 49% good to excellent, up 5% from last week and the highest for this time of year in six years.
Black Sea tensions continue to add war premium to wheat. Reports indicate Ukraine used a US long-range missile to strike a Russian ammunition depot, raising concerns of further conflict escalation.
Cereals Canada projects the 2024 wheat crop at 34.3 mmt, 4% above last year and 8% above the five-year average. Exports could reach 25.4 mmt, potentially making Canada the world’s third-largest wheat exporter.
Ukraine’s deputy agriculture minister estimates the 2025 wheat crop could reach 25 mmt, up from 22 mmt in 2024, due to an expected increase in planted area to 5 million hectares from 4.6 million hectares.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Chicago Wheat Action Plan Summary

2024 Crop:

Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.
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:

Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.
Target the 650 – 680 range versus July ’25 to make additional sales.
Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will 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: The front month chart rolled to the March contract. Major support below the market remains between 521 and 514, though intermediate support may be found 535. Overhead, heavy resistance remains between 580 and 586.

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:

Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.
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.
Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 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 KC recommendations:

Above: With initial support below the market remaining in the 545 – 535 area, prices remain poised to test the heavy resistance area around 580 – 583. A close above that level could allow for a test of 593 – 603. Otherwise, close below 535 could press prices towards the August low of 527 ¼.

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

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

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:

New sales targets will be issued in the coming weeks, as timing and conditions improve seasonally. This could be as early as late November or December.
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: The front month chart rolled to the March contract and the chart gap left between 580 ½ and 584 ½ represents the price difference between the two contract months. Overhead resistance remains between 615 and 624, and while major underlying support lies near 563, initial support may come in near 584.

Other Charts / Weather

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

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