All prices as of 2:00 pm Central Time

Corn
DEC ’24	425.5	-1.25
MAR ’25	435.25	-1
DEC ’25	436.25	-0.5

Soybeans
JAN ’25	983.5	5.75
MAR ’25	992.25	7
NOV ’25	1008.5	4

Chicago Wheat
DEC ’24	544.25	-4.5
MAR ’25	564.75	-4.75
JUL ’25	582.75	-4.5

K.C. Wheat
DEC ’24	554.25	-1.25
MAR ’25	565.5	-1.75
JUL ’25	580	-2.25

Mpls Wheat
DEC ’24	586	-2
MAR ’25	601.5	-0.75
SEP ’25	629	-2.25

S&P 500
DEC ’24	5983.75	13.25

Crude Oil
JAN ’25	71.33	1.23

Gold
JAN ’25	2725.8	38.7

Grain Market Highlights

Heavy open interest surrounding the 425 and neighboring December corn strike prices, and concerns of slowing demand likely limited price action in the corn market, which closed the day with minor losses.
The soybean market bucked the trend of lower corn and wheat to close higher on the day as the January contract found support just above its contract lows and traders covered short positions.
Soybean oil continued its downward trend to close lower, pressured by weaker world veg oil markets, while meal rebounded from yesterday’s losses as it continues to consolidate near multi-year lows.
With little fresh bullish news to support prices, the wheat complex closed mid-range and lower in all three classes as traders squared positions and took profits ahead of the weekend.
To see the updated US and South American one week precipitation forecasts scroll down to the other Charts/Weather section.

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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.

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 futures finished softer, with potentially slowing demand and options expiration limiting prices. On weekly charts, corn remains in a consolidation pattern, finishing 1 ½ cents higher for the week.
December corn options expired today, and there was a large amount of open interest between the 420, 425, and 430 strike prices for both calls and puts, which seemed to hold prices throughout the week.
Concerns about slowing demand may weigh on the corn market heading into year-end. While export sales have been strong early in the marketing year, the USDA has not announced a flash sale since Nov. 13. Additionally, weekly ethanol production declined for the first time in weeks as higher corn prices and lower energy prices squeezed profit margins.
The corn market may face increased volatility next week, with December First Notice Day on Friday likely driving activity and money flow amid shortened trading hours following Thursday’s Thanksgiving holiday.

Above: Overhead resistance for the March contract remains between 440 and 445. A close above this area could trigger a test of the 465 resistance area. Below the market, support may come in between 425 and 420.

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 higher, snapping a three-day losing streak. January soybeans hit a fresh low overnight before recovering, likely on fund short covering ahead of the weekend. Soybean meal closed higher, while soybean oil continued to track lower palm oil.
The USDA reported a flash sale of 198,000 mt of soybeans to unknown destinations for the 24/25 marketing year, following three separate sales yesterday to China, unknown destinations, and the Philippines.
Yesterday’s export sales report showed soybean sales at 68.3 mb, at the high end of expectations. Top buyers were China, Mexico, and the Netherlands, bringing year-to-date commitments to 1.161 billion bushels, up 9% from last year versus the USDA’s 8% estimate.
South American weather remains largely favorable for crop development and planting progress. Argentina’s Buenos Aires Grain Exchange reported that 35.8% of the soybean crop is planted, up from 20.1% last week.

Above: January soybeans continue to drift and test the 975 support area. A close below there could put the market at risk of receding to the 940 support area around the August low. Should a bullish story turn prices back higher, they may find resistance between the 50-day moving average and 1014.

Wheat

Market Notes: Wheat

The wheat complex closed lower across the board as traders squared positions ahead of the weekend, with little fresh bullish news from the Black Sea region and reports of strong yields in Australia.
While there were no new escalations in the Black Sea, reports indicate Russian President Putin called yesterday’s ICBM attack a successful test and plans to continue testing in combat situations.
Ukraine’s Agriculture Ministry reported grain exports this season are up 43% year-over-year at 17.2 mmt. Of that, 8.6 mmt was wheat, a 57% increase from the same time last year.
Western Australia’s wheat crop is projected to exceed earlier expectations, with the Grain Industry Association of Western Australia estimating 24/25 production at 10.33 mmt — roughly 1 mmt higher than September’s forecast.
Argentina’s wheat harvest is progressing, with the Buenos Aires Grain Exchange reporting 29.3% of the expected 18.6 mmt crop now harvested.

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: Overhead resistance for March wheat remains near key moving averages between 578–586, with a close above 586 potentially targeting 617. Support is seen between 546–536, with major support near 521–514.

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: March KC wheat found resistance just below the 50-day moving average, near 577. Should the market trade through this area and close above 583, it could be set to run towards the 593 – 603 area. Otherwise, close below 535 could press prices towards the August low of 527 ¼.

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 March, leaving a gap between 580 ½ and 584 ½ from the contract roll. Resistance remains near 615–624, with initial support around 584 and major support near 563.

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.

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