12-12 End of Day: Corn and Wheat Slip, While Beans Close Mixed
All prices as of 2:00 pm Central Time
| Corn | ||
| MAR ’25 | 443.5 | -4.75 |
| JUL ’25 | 455 | -3.25 |
| DEC ’25 | 441.75 | -2.25 |
| Soybeans | ||
| JAN ’25 | 995.75 | 0.25 |
| MAR ’25 | 1003.25 | 0.5 |
| NOV ’25 | 1014 | -0.5 |
| Chicago Wheat | ||
| MAR ’25 | 558.5 | -4.75 |
| MAY ’25 | 568.25 | -4.5 |
| JUL ’25 | 575 | -4.5 |
| K.C. Wheat | ||
| MAR ’25 | 562.75 | -4.5 |
| MAY ’25 | 570.25 | -4.5 |
| JUL ’25 | 578 | -4.25 |
| Mpls Wheat | ||
| MAR ’25 | 602.5 | -4.5 |
| JUL ’25 | 618 | -4.5 |
| SEP ’25 | 627.5 | -4.5 |
| S&P 500 | ||
| MAR ’25 | 6134.5 | -25.25 |
| Crude Oil | ||
| FEB ’25 | 69.73 | -0.14 |
| Gold | ||
| FEB ’25 | 2707.6 | -49.1 |
Grain Market Highlights
- The corn market slid lower and closed just above session lows on weak export sales and technical selling after failing to trade through resistance in Wednesday’s session.
- Despite poor export sales, the soybean market managed to settle fractionally mixed after rebounding off session lows, as it continues to trudge along in a sideways to upward trend. Soybean oil closed higher, while meal drifted lower.
- The wheat complex reversed its trend of multiple higher closes, with all three classes closing toward session lows as they were weighed down by lower Matif wheat, a stronger US dollar, and weaker corn.
- To see the updated US Drought Monitor and South American GRACE-based Drought Indicator, 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
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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 futures extended losses after Wednesday’s reversal, pressured by weak overnight trade and disappointing weekly export sales.
- Weekly US corn export sales totaled 946,400 mt (37.3 mb) for the week ending December 5, down 45% from last week and 32% from the 4-week average. Colombia was the top buyer, with total sales 29% ahead of last year.
- CONAB projected Brazil’s 24/25 corn crop at 119.6 mmt, down 200,000 mt from November but still a record if realized.
- Higher US corn prices and a stronger dollar have boosted the competitiveness of Brazilian, Argentinian, and Ukrainian corn, limiting US export demand. Flash sales have been sparse since mid-November, reflecting increased global competition.
- Narrow corn spreads widened on Thursday, with deferred contracts (May, July, and September) needing strength to incentivize producers to hold grain into the second half of the marketing year.
Above: Front-month corn hit resistance in the 450 area and reversed. Initial support may come in near 442, with more significant support around 425. A rally with a close above 452 ¼ could set the market up to test 465.
Soybeans
Action Plan: Soybeans
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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 closed slightly higher despite weak export sales and have traded within a tight, minor upward range over the past month. Soybean meal fell, while soybean oil gained.
- Private exporters reported 334,000 mt of soybean sales to unknown destinations for 24/25, but flash sales have slowed as Brazilian offers grow more competitive.
- Weekly export sales totaled 43.1 mb for 24/25, below trade expectations, while shipments of 68.3 mb exceeded the 26.7 mb weekly pace needed to meet USDA estimates. Key destinations included China, Spain, and Mexico.
- Strong exports have kept soybean prices above $10, while anticipation of a large South American crop has capped gains. Prices may shift with a drop in USDA’s US production estimates or on any Brazilian weather issues.
Above: The soybean market continues to grind sideways to higher, with support at 975, moving average resistance near 1000, and heavier 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 closed lower across all classes, pressured by weaker Paris milling wheat, a stronger US dollar, and spillover from corn.
- Weekly wheat export sales rose 10.7 mb for 24/25, but shipments of 7.3 mb fell short of the 17.2 mb weekly pace needed to meet the USDA’s 850 mb export target. Commitments total 582 mb, up 9% from last year.
- CONAB trimmed Brazil’s wheat production estimate from 8.11 mmt to 8.06 mmt, aligning with the USDA. Meanwhile, the Rosario Grain Exchange raised Argentina’s estimate to 19.3 mmt, above the USDA’s 17.5 mmt, citing better-than-expected yields.
- India halved wheat stockpile limits for traders and retailers, aiming to control prices and ensure availability. Limits dropped to 1,000 tons for traders and 5 tons for retailers, effective through March.
- High export demand may push Ukraine’s wheat prices $20-$25 per tonne from December to January. Contracts for December reached 1.1 mmt, with 9.13 mmt already exported this season toward a 16.2 mmt limit.
Action Plan: Chicago Wheat
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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 reversed after hitting resistance near 567 and may be on track to retest the 536 area. If a bullish trigger turns prices higher, a close above 571 ½ could retest the 577 area before targeting the 590–595 region.
Action Plan: Mpls Wheat
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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
