All prices as of 2:00 pm Central Time

Corn
DEC ’24	424.75	-0.75
MAR ’25	433	-2.25
DEC ’25	432.5	-3.75

Soybeans
JAN ’25	985.75	2.25
MAR ’25	994.25	2
NOV ’25	1010.5	2

Chicago Wheat
DEC ’24	535.75	-8.5
MAR ’25	555.75	-9
JUL ’25	572.5	-10.25

K.C. Wheat
DEC ’24	546.5	-7.75
MAR ’25	557	-8.5
JUL ’25	570.5	-9.5

Mpls Wheat
DEC ’24	581	-5
MAR ’25	596.5	-5
SEP ’25	624	-5

S&P 500
DEC ’24	5999.25	12.25

Crude Oil
JAN ’25	68.9	-2.34

Gold
JAN ’25	2639.3	-85.6

Grain Market Highlights

Lower trade in the neighboring wheat markets and sharply lower crude oil kept sellers engaged in the corn market, which closed near the low end of the day’s range and lower for the third consecutive day.
A drier forecast in Brazil and higher soybean meal lent support to the soybean market, which closed off session highs but higher for the second day in a row.
Soybean meal broke out to the upside of its congestion range as traders covered short positions, while soybean oil continued its downward trend on long liquidation and lower crude oil prices.
Sharp declines in Matif wheat, coupled with minimal news and much-needed rainfall in the Black Sea region, pressured the wheat complex lower, though prices partially recovered to settle well off session lows.
To see the updated US Temperature and Precipitation Outlooks 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

The corn market finished the session with mild losses after being led lower by selling pressure in the wheat and crude oil markets. The market has traded lower for the past three sessions.
Corn futures may face increased volatility this week, with December First Notice Day on Friday likely driving activity and money flow amid shortened trading hours following Thursday’s Thanksgiving holiday.
The USDA released weekly export inspections this morning. Last week, US exporters shipped 903,000 mt (35.6 mb) of corn. Total inspections for the marketing year are at 395 mb, up 38% from last year.
Mexico entered the corn export market with a flash sale, purchasing 454,090 mt (17.9 mb) of corn, split between 364,792 mt (14.4 mb) for the 24/25 marketing year and 89,298 mt (3.5 mb) for 25/26.
Today’s sharp drop in crude oil prices will continue to pressure ethanol margins, possibly limiting demand. Talk of a potential ceasefire in the Middle East triggered a 3% drop in front-end crude oil prices.

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. If prices drift lower, support may come in between 425 and 420.

Above: Corn Managed Money Funds net position as of Tuesday, November 19. Net position in Green versus price in Red. Managers net bought 4,639 contracts between November 13 – 19, bringing their total position to a net long 114,628 contracts.

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 closed higher, supported by soybean meal, while soybean oil slipped in a reversal of the meal-oil spread. This marked the second consecutive higher close for soybeans, though the January contract remains just 12 cents above its low. A slightly drier 15-day forecast for Brazil may have lent support.
Soybean export inspections totaled 77.2 mb for the week ending November 21, which was the high end of trade expectations. The USDA projects 1.825 bb in exports for 24/25, up 7% from last year.
In Brazil, AgRural estimates that soybean planting for 24/25 is 86% complete as of last Thursday, compared to 74% last year. Weather has been favorable, though the 15-day forecast is slightly drier.
Friday’s CFTC report showed funds as soybean sellers, adding 13,165 contracts to their net short position, now at 67,701 contracts as of November 19. Since then, funds are estimated to have sold another 7,000 contracts.

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.

Above: Soybean Managed Money Funds net position as of Tuesday, November 19. Net position in Green versus price in Red. Money Managers net sold 13,165 contracts between November 13 – 19, bringing their total position to a net short 67,701 contracts.

Wheat

Market Notes: Wheat

Chicago and KC led the wheat complex lower, with weakness likely stemming from reports of much-needed rain in the Black Sea region and a quiet news front in the area, though tensions remain high.
Sharp declines in Paris milling wheat also contributed to the day’s losses.
Weekly Export Inspections showed that 361,000 mt of wheat were inspected for export through Nov. 21. The print was near the top end of expectations, putting year-to-date totals 31% ahead of last year.
Ukraine’s Ag Ministry stated the country’s total grain harvest declined 3.8% year over year to 53.4 mmt. Of this total, 22.4 mmt is wheat, which is just under the 22.5 mmt harvested last year.
Russia is expected to export a total of 55-60 mmt of grain for this season that began July 1. This is down from the 72 mmt total the country exported last year, which included 54.1 mmt of wheat.

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 a move toward 617. Support is seen between 546–536, with major support near 521–514.

Above: Chicago Wheat Managed Money Funds’ net position as of Tuesday, November 19. Net position in Green versus price in Red. Money Managers net sold 6,239 contracts between November 13 – 19, bringing their total position to a net short 51,546 contracts.

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.

Above: KC Wheat Managed Money Funds’ net position as of Tuesday, November 19. Net position in Green versus price in Red. Money Managers net sold 4,277 contracts between November 13 – 19, bringing their total position to a net short 29,375 contracts.

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:

Target a rally back to the 710 – 735 range versus Sept. ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. 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.

Above: Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, November 19. Net position in Green versus price in Red. Money Managers net sold 7,578 contracts between November 13 – 19, bringing their total position to a net short 30,002 contracts.

Other Charts / Weather

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

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