All prices as of 2:00 pm Central Time

Corn
MAR ’25	448.25	-0.75
JUL ’25	458.25	1
DEC ’25	444	2.25

Soybeans
JAN ’25	995.5	0.75
MAR ’25	1002.75	2.5
NOV ’25	1014.5	4.75

Chicago Wheat
MAR ’25	563.25	1.5
MAY ’25	572.75	2.25
JUL ’25	579.5	2.5

K.C. Wheat
MAR ’25	567.25	1.5
MAY ’25	574.75	1.75
JUL ’25	582.25	1.5

Mpls Wheat
MAR ’25	606.5	0
JUL ’25	621.5	0
SEP ’25	631.5	1.5

S&P 500
MAR ’25	6160.75	47.5

Crude Oil
FEB ’25	69.9	1.63

Gold
FEB ’25	2753.1	34.7

Grain Market Highlights

The corn market ran out of gas as it hit technical resistance near 451 in the March contract, where producer selling likely outweighed the buying support.
January soybeans failed to hold gains over the $10 mark and closed mid-range as bear spreading weighed on the front month contracts while keeping the deferreds supported.
Higher Matif wheat and the prospect of Russian farmers switching upwards of 2.5 million acres from wheat to oilseeds kept the wheat complex supported despite a rising US dollar.
To see the updated South American 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:

Grain Market Insider sees an opportunity to make catch-up sales on a portion of your 2024 corn crop. The corn market is trading around the 450 area in the March ’24 contract. If you missed previous sales recommendations, this level offers a good opportunity to catch up on sales, especially with potential heavy resistance just overhead near the 200-day moving average. Additionally, making a sale now could help meet any capital needs for your operation.

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.
As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or 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’s four-day rally ended as producer selling and technical resistance near 451 stalled front-end buying strength following Tuesday’s bullish USDA report.
March corn futures stalled around 451, near the 200-day moving average, where buying support faded and producer selling likely capped gains.
Higher US corn prices and a stronger dollar have made Brazilian, Argentinian, and Ukrainian corn more competitive, potentially limiting US export demand and upward price momentum.
Narrow corn spreads, reflecting strong short-term demand, saw reversal action. Deferred contracts (May, July, and September) may need to strengthen to encourage producers to hold bushels for the second half of the marketing year.
The stronger corn prices and dollar may boost Safrinha corn planting in Brazil this summer, with forecasts now suggesting year-over-year growth in planted areas despite earlier expectations of a reduction.

Above: Front-month corn broke through 442 resistance and could be on its way to testing the 465 June high. If prices happen to retreat, initial support may be found near 442 with additional near 50-day moving average, around 425.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

2024 Crop:

We are in the time frame when seasonal opportunities typically improve due to the South American growing season.
Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1100 – 1110 area versus Jan ‘24 to make additional sales against your 2024 crop.
For those with capital needs, consider making these sales into price strength.

2025 Crop:

We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.
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 posted a small gain for the second day, staying in a tight range despite losses in soybean meal and oil, with May meal the only soy product to close higher.
Rumors suggest China purchased a few US soybean cargoes for January and February from the PNW, with US soybeans competitive against Brazil for January shipments.
The USDA report was uneventful for soybeans, leaving US production and ending stocks unchanged while only raising Argentina’s production from 51.0 mmt to 52.0 mmt.
Post-WASDE, the soybean market focus will shift to South American weather as critical production periods approach. Most of Brazil is expected to see favorable conditions over the next week.

Above: The soybean market continues to drift sideways, with support at 975 and resistance in the 1007–1013 range. A close below 975 could trigger a slide toward 940, while a close above 1013 may set up a retest of 1045.

Wheat

Market Notes: Wheat

Wheat posted small gains in Chicago and Kansas City but was closer to unchanged in Minneapolis. March Matif wheat’s second straight gain offered support, though a stronger US Dollar Index potentially capped the upside.
IKAR reports Russian farmers may switch up to 1 million hectares from wheat to oilseeds due to thin margins.
EU soft wheat exports reached 10.24 mmt as of December 8, down 29% year over year. Tight global wheat stocks among major exporters may continue to support prices.

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 rangebound between 540 and 577. A close above the 577–586 resistance area could set up a retest of 617, while a close below 536 might lead to a slide toward the 521–514 support zone.

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 remains rangebound between 536 and 577. A close below 536 could put the market at risk of testing the August low of 527 ¼. Conversely, a bullish trigger could lead to resistance near 567 before a retest of 577.

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: March Minneapolis wheat is rangebound between 585 and 613. A close above 613 could trigger a rally toward 655, with resistance at 624 and 637. A close below 585 may lead to a decline toward 568.

Other Charts / Weather

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

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