All prices as of 2:00 pm Central Time

Corn
MAR ’25	443.5	-1.5
JUL ’25	453.25	-1.75
DEC ’25	438.5	-1.75

Soybeans
JAN ’25	976.75	-5.25
MAR ’25	978.75	-7.25
NOV ’25	988.75	-10

Chicago Wheat
MAR ’25	545	-5
MAY ’25	554.5	-6.5
JUL ’25	561.25	-6.25

K.C. Wheat
MAR ’25	552.5	-6.75
MAY ’25	560.25	-6.5
JUL ’25	568.25	-6

Mpls Wheat
MAR ’25	595	-5
JUL ’25	610.5	-4.5
SEP ’25	620.25	-3.5

S&P 500
MAR ’25	6121.5	-32.5

Crude Oil
FEB ’25	69.67	-0.62

Gold
FEB ’25	2663.3	-6.7

Grain Market Highlights

Following a day of two-sided trade with support near yesterday’s lows, the corn market came under pressure from lower soybeans and wheat, settling with relatively minor losses.
Despite two flash sales, the soybean market remained focused on favorable crop weather in South America, printing new contract lows across the board before reclaiming some losses going into the close.
Chicago wheat posted its fourth consecutive lower close, while the KC and Minneapolis contracts recorded their third lower close in the last four sessions as the market adopted a risk-off stance across the ag space with little fresh bullish news.
To see the updated US and South American precipitation forecasts, and GRACE-based Drought Indicators, 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:

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 closed with minor losses after a day of two-sided trade, finding support near the 10-day moving average and yesterday’s close, while facing overhead pressure from lower soybeans and wheat.
This morning, the USDA reported its first flash sale of corn since Nov. 25. Private exporters reported to the that USDA 170,400 mt (6.7 mb) of corn was sold to Mexico for the 24/25 marketing year.
Congress reportedly passed a stopgap spending bill funding the government through mid-March, including provisions for year-round E15, potentially boosting annual corn usage by 25–50 mb.
Dr. Michael Cordonnier raised Argentina’s corn production estimate by 1 mmt to 49 mmt, citing less switching to soybeans, though it remains below the USDA’s 51 mmt forecast.

Above: After hitting resistance near 450, the market continues to see support between 440 and 442. A close below 440 could press the market toward the 425 area, while a close above 450 could put it on track to test the 460 area.

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 lower, making new contract lows across the board as they broke out of their recent range to the downside. This occurred despite two flash sales reported this morning, as traders focused on favorable Brazilian weather. Soybean meal closed higher, while soybean oil was sharply lower.
This morning, private exporters reported to the USDA a sale of 187,000 metric tons of soybeans to Spain for delivery during the 24/25 marketing year. Additionally, a sale of 132,000 mt was reported to unknown destinations for the same period.
According to AgRural, production estimates for the 24/25 Brazilian soybean crop stand at 171.5 mmt, with rains falling over most of the country for a week as planting wrapped up.
Yesterday’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.

Above: The breach of the recent 975 ¼ low on the front-month chart signals a potential momentum shift to the downside, and a close below 975 could trigger a slide toward 940. If the 975 area holds, a rally back higher may encounter resistance between 995 and 1000, with stronger resistance near 1013.

Wheat

Market Notes: Wheat

Wheat closed with modest losses across all three US futures classes, alongside lower corn, soybeans, and Paris milling wheat futures. Soybeans led the grain complex lower, with that weakness likely spilling over into wheat as the market adopted a risk-off posture.
Wheat traded lower today despite SovEcon cutting its Russian wheat production estimate by 3 mmt to 78.7 mmt, the smallest crop since 2021, if realized. Russian wheat FOB export values have risen over $10 since last week, now at $236 per mt.
The French farm ministry estimates that its 2025 soft wheat harvested area will increase about 9% year-over-year to 4.51 million hectares, due to better planting weather.
Since the season began on July 1, Ukraine has exported 19.5 mmt of grain, up 22% year-over-year. Wheat exports specifically total 9.2 mmt, a 37% increase from last year.
European Union 24/25 soft wheat exports total 10.54 mmt as of December 15, down 31% from the same period last year.

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: KC wheat remains largely rangebound between 536 and 583, with initial overhead resistance near the 20- and 50-day moving averages around 568. A close above this level and beyond 583 could set the market up for a test of the 590–595 area, while a close below 536 could put prices at risk of falling to the 525 level.

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: 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.