All prices as of 2:00 pm Central Time

Corn
MAR ’25	445	3
JUL ’25	455	2
DEC ’25	440.25	1.25

Soybeans
JAN ’25	982	-6.25
MAR ’25	986	-9
NOV ’25	998.75	-7.5

Chicago Wheat
MAR ’25	550	-2.25
MAY ’25	561	-1.25
JUL ’25	567.5	-1.25

K.C. Wheat
MAR ’25	559.25	2.25
MAY ’25	566.75	1.5
JUL ’25	574.25	1

Mpls Wheat
MAR ’25	600	1.5
JUL ’25	615	1.5
SEP ’25	623.75	1

S&P 500
MAR ’25	6160	34.25

Crude Oil
FEB ’25	70.25	-0.57

Gold
FEB ’25	2669.2	-6.6

Grain Market Highlights

The corn market rebuffed selling pressure from neighboring soybeans and wheat, closing near session highs, with bull spreading adding support to the front-month contracts.
Weakness in soybean oil and November NOPA crush numbers, which came in below expectations, weighed on the soybean market, closing near session lows across the board.
The wheat complex closed in the lower half of the day’s range across all three classes, with Chicago contracts showing the most weakness as they closed lower for the third consecutive day.
To see the updated US and 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

The corn market remained firm against selling pressure in the other grains to start the week as futures finished with mild market gains.
Weekly corn export inspections remained supportive, as US exporters shipped 1.130 mmt of corn last week. Year over year, inspections are 31% higher and remain ahead of the pace needed to meet the USDA’s adjusted export targets.
Managed funds continued buying in the corn market. Supported by the Dec. 10 USDA report and friendly demand adjustments, funds increased their net long position to 165,890 contracts, up 77,760 from the prior week. Money flow could be a key factor for the corn market heading into 2025.
Brazilian agriculture analysts AgRural raised their corn production forecast to 121.3 mmt, citing favorable weather patterns and increased planted area.

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.

Corn Managed Money Funds net position as of Tuesday, Dec. 10. Net position in Green versus price in Red. Managers net bought 77,760 contracts between Dec. 4 – 10, bringing their total position to a net long 165,890 contracts.

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 ended the day significantly lower, nearing a downside breakout of their recent range, but did not take out last month’s contract low of 982 ½ for the March contract. Soybean meal managed to close higher, while soybean oil ended lower after a disappointing NOPA crush and lower palm oil.
Today’s export inspections report was solid, with soybean inspections totaling 61.6 million bushels for the week ending December 12. This brought total inspections for 24/25 to 927 mb, up 19% from last year.
November NOPA crush totaled 193.185 million bushels, marking the largest November crush on record. This was up 2.2% year-over-year but down from October’s crush and below the average trade estimate of 195.911 mb.
Friday’s CFTC report showed managed funds as buyers of 13,897 soybean contracts, reducing their net short position to 58,320 contracts as of December 10. Despite fund buying, soybeans only moved three cents higher during that week.

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.

Soybean Managed Money Funds net position as of Tuesday, Dec. 10. Net position in Green versus price in Red. Money Managers net bought 13,897 contracts between Dec. 4 – 10, bringing their total position to a net short 58,320 contracts.

Wheat

Market Notes: Wheat

Wheat closed mixed after two-sided trade, with Chicago front-months finishing lower and deferred contracts posting small gains. Kansas City ended near its daily low but stayed positive, while Minneapolis made modest gains. The trade seemed weak despite a slightly lower US Dollar and strong Paris milling wheat futures.
Weekly wheat inspections totaled 11 mb, bringing the 24/25 inspections to 424 mb, up 29% from last year. Inspections are running ahead of the USDA’s estimated pace. Exports for 24/25 are projected at 850 mb, which would be a 20% increase from the previous year.
Saudi Arabia reportedly purchased 804,000 mt of wheat in a tender at prices ranging from $262.50 to $269.89 CNF. The wheat is expected to originate from Bulgaria, Romania, South America, and Russia, with shipments scheduled between February 25 and April 25.
The United Arab Emirates has offered a $500 million loan to Egypt for wheat purchases, with $100 million disbursed annually over five years. As Egypt’s military has taken over wheat procurement from GASC, it remains unclear how this arrangement will be implemented.

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.

Chicago Wheat Managed Money Funds’ net position as of Tuesday, Dec. 10. Net position in Green versus price in Red. Money Managers net bought 2,607 contracts between Dec. 4 – 10, bringing their total position to a net short 66,779 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 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.

KC Wheat Managed Money Funds’ net position as of Tuesday, Dec. 10. Net position in Green versus price in Red. Money Managers net bought 1,994 contracts between Dec. 4 – 10, bringing their total position to a net short 36,436 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: 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.

Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, Dec. 10. Net position in Green versus price in Red. Money Managers net bought 1,092 contracts between Dec. 4 – 10, bringing their total position to a net short 32,154 contracts.

Other Charts / Weather

Above: US 7-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: Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.