HAPPY THANKSGIVING FROM ALL OF US AT TOTAL FARM MARKETING!

THURSDAY, NOVEMBER 28: The CME and Total Farm Marketing offices are closed.

FRIDAY, NOVEMBER 29: The CME closes at noon, and Total Farm Marketing closes at 1:00 p.m. (CST).

All prices as of 2:00 pm Central Time

Corn
DEC ’24	420	-4.75
MAR ’25	428	-5
DEC ’25	430.25	-2.25

Soybeans
JAN ’25	983.5	-2.25
MAR ’25	994	-0.25
NOV ’25	1012.75	2.25

Chicago Wheat
DEC ’24	539.5	3.75
MAR ’25	558	2.25
JUL ’25	575	2.5

K.C. Wheat
DEC ’24	550.5	4
MAR ’25	558.75	1.75
JUL ’25	573	2.5

Mpls Wheat
DEC ’24	577.5	-3.5
MAR ’25	601.5	5
SEP ’25	626	2

S&P 500
DEC ’24	6030.25	23.75

Crude Oil
JAN ’25	68.85	-0.09

Gold
JAN ’25	2638.9	8.3

Grain Market Highlights

Corn futures settled lower for the fourth day in a row, likely pressured by the threat of proposed tariffs on Mexico, along with basis contract pricing ahead of Friday’s First Notice Day.
Soybeans closed mixed, as they continue to trade just above contract lows. Sharply higher soybean oil lent support to soybeans, while favorable South American weather added resistance.
The threat of additional tariffs on imported Chinese goods supported soybean oil, which gained 138 points in the January contract, as they would likely slow the import of used cooking oil considerably.
All three wheat classes clawed back overnight gains to close mid-range after trading lower early in the session, as traders balanced a drier forecast and reduced Russian exports against exceptionally good crop ratings.
To see the updated US and South American precipitation forecasts 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.

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 lower for the fourth straight day, with March futures testing 100-day moving average support. First Notice Day on Friday and basis contract pricing likely pressured the market, leading to the lowest close for March futures in November.
President-elect Trump announced a Day 1 tariff plan, proposing a 10% tariff on Chinese imports and 25% on Mexican and Canadian imports. The prospect of retaliation likely limited positive price action.
Brazil’s soybean planting is 85% complete, well ahead of last year. The early pace should keep second-crop (safrinha) corn planting on schedule for key summer weather.
A strong US dollar has made US corn less competitive globally. While export sales remain solid, concerns are rising about a potential demand slowdown in early 2025 if the dollar strengthens further.

Above: The corn market became overbought and drifted back to the 425 area, if prices break through and close below the 50-day moving average (ma) they run the risk falling further and testing more major support near the 410 area and 100-day ma. If this 425 – 420 area holds prices could retest the 442 area with the potential of trading towards 465.

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 mixed, with front months slightly lower and deferred months higher. Trade was volatile, with prices dropping up to seven cents after the open but recovering into the close. Soybean meal gave back yesterday’s gains, while soybean oil surged 1.38 cents in the January contract.
President-elect Trump’s Day 1 tariff plan, proposing a 10% tariff on Chinese imports and 25% on Mexican and Canadian imports, likely weighed on grain markets during the session.
Soybean product prices have driven recent soybean movements. Soybean oil rose over 3% on the session, supporting bean prices, while soybean meal fell nearly 2% in the front-month contract.
With planting well ahead of last year’s pace, Brazilian weather stays favorable in the near term with little weather risk to the early soybean crop.
Brazilian Crop analyst, Dr. Michael Cordonnier raised his 24/25 Brazilian soybean production forecast by 2.0 mmt to 168.0 mmt, citing a strong start and ideal weather in key growing regions.

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 the 975 area hold turning prices back higher, they may find resistance between the 50-day moving average and 1014, before retesting the 1045 area.

Wheat

Market Notes: Wheat

The wheat complex settled mid-range after trading on both sides of unchanged as the market balanced the best crop ratings for the week in six years, with a dry forecast and lower export estimates out of Russia.
The USDA reported winter wheat conditions as of November 24 at 55% good to excellent, the highest rating for this week in six years. The crop is also 97% planted, with 89% emergence.
Weather across much of the winter wheat areas is expected to be drier than normal through the first week of December, with normal to above-normal temperatures in the Plains states and cooler temperatures in the East.
SovEcon lowered its forecast for Russian wheat exports to 44.1 mmt from 45.9 mmt, anticipating stricter export quotas. It was also noted that Russia has reduced its export quotas mid-season in recent years to protect domestic supplies.

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: Front month Chicago wheat remains in a broad trading range between 536 down below and 586 up top. If the market can trade through the 50 and 200-day moving averages and close above 586 it could be poised to retest the 617 area. Whereas a close below 536 could put the market at risk of trading to the 521 – 514 support area.

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

Above: Winter wheat percentage emerged (red) versus the 5-year average (green) and versus last year (brown).

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: Since rolling to the March contract, front month Minneapolis wheat has been capped by resistance near the 50-day moving average around 613. A close above this point could put the market on track to test the October highs near 655, with potential resistance around the 200-day moving average. Should prices slide below 584 they could then be at risk of retesting the 563 area.

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.

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