All prices as of 2:00 pm Central Time

Corn
MAR ’25	440.75	3.5
JUL ’25	449.25	2
DEC ’25	434.75	1.75

Soybeans
JAN ’25	963	11.25
MAR ’25	966.5	13.25
NOV ’25	976.75	11

Chicago Wheat
MAR ’25	533	-8.25
MAY ’25	543.5	-8.25
JUL ’25	551	-8

K.C. Wheat
MAR ’25	543.25	-5.5
MAY ’25	551	-5.75
JUL ’25	559	-5.75

Mpls Wheat
MAR ’25	586.75	-5.25
JUL ’25	603	-4.5
SEP ’25	613	-4.25

S&P 500
MAR ’25	5965	24.75

Crude Oil
FEB ’25	69.29	-0.73

Gold
FEB ’25	2613.9	-39.4

Grain Market Highlights

Corn futures clawed back some of yesterday’s losses on Thursday, backed by strong weekly export sales and a rebound in soybean futures.
Soybeans were higher today, recovering about half of yesterday’s losses. Higher soybean meal and soybean oil helped provide support as the entire soybean complex attempts to rally off of their recent lows.
Wheat futures were lower across all three classes today. Poor weekly export sales and a stronger US dollar added outside pressure.
To see the updated US Drought Monitor as well as the South American GRACE-Based Root Zone Soil Moisture Drought Indicator courtesy of NASA, University of Nebraska-Lincoln, 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 did not act on the prior sales recommendations and/or need to move bushels for cash flow, Grain Market Insider issued a catch-up recommendation on December 11, with the next catch-up target at 455 (Mar ‘25).
If you have followed all prior sales recommendations and are comfortable with cash flow until spring, Grain Market Insider advises holding steady for now.

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 saw some price recovery on Thursday led by a supportive weekly export sales report, and buying strength in the soybean market.
The proposed spending legislation to combat the potential government shutdown this weekend is likely to get rejected. This possibility could put plans for the 40B tax credit back on the table, which has been a pressure in the market the past couple sessions.
Weekly corn exports sales last week totaled 1.174 MMT (46.2 mb) which was within expectations. Total corn sales on the books are trending 29% above last year and still ahead of the adjusted USDA pace.
The Brazilian real continues to lose value against the US dollar, reaching new historical lows again on Wednesday. The weaker currency gives Brazilian grain exports a significant price advantage over US offerings.

Above: The breach of 442 support puts the market at risk of declining toward the 425 level, with potential trendline support near 432. If a bullish trigger emerges, prices could initially find support near 442 and again near 450.

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 higher in recovery action following yesterday’s meltdown. Futures recovered around half of yesterday’s losses, but there are still a number of bearish factors that could continue driving prices lower. Both soybean meal and oil ended the day higher.
This morning, private exporters reported sales of 227,200 metric tons of soybeans to unknown destinations. Of the total, 152,200 metric tons are for delivery for the 2024/2025 marketing year and 75,000 metric tons are for delivery for the 2025/2026 marketing year.
Today’s Export Sales report was good with sales coming in right at the average trade guesses. The USDA reported an increase of 52.3 mb for 24/25. Last week’s export shipments of 62.0 mb were well above the 25.6 mb needed each week to meet the USDA’s export estimate. Primary destinations were to China, unknown destinations, and Pakistan.
The devaluation of the Brazilian real relative to the rising US dollar has made US soybeans less competitive. However, the larger bearish news yesterday may have come from concerns about the expiration of the 40B tax credit at the end of the year, which could impact renewable diesel and, consequently, soybean oil.

Above: The recent close below 975 support puts the market at risk of testing the August low of 940 on the front-month chart. If prices rebound, overhead resistance could emerge near 975, followed by additional resistance between 995 and 1000.

Wheat

Market Notes: Wheat

Wheat markets fell today, led by Chicago, despite gains in corn and soybeans. A stronger US Dollar Index and weaker Paris milling wheat weighed heavily, as traders brushed off concerns over poor Russian conditions.
The USDA reported 16.8 mb in wheat export sales for 24/25. Weekly shipments fell short of the 17.6 mb needed to hit the 850 mb target, but total commitments are at 593 mb—up 9% year-over-year.
FranceAgriMer raised French 24/25 wheat stocks to 2.87 mmt (+2.7% from November) but still 9.9% lower than 23/24. Soft wheat export estimates dropped slightly to 9.76 mmt from 9.89 mmt last month.
Strategie Grains are anticipating better growing conditions in the EU for the 25/26 wheat crop. A larger planted area and better yields are expected to lead to an 11% increase in soft wheat production. Additionally, EU soft wheat exports may rise due to a lower Russian crop.

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: South American GRACE-Based Root Zone Soil Moisture Drought Indicator courtesy of NASA, University of Nebraska-Lincoln.