MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

TUESDAY, DECEMBER 24: The CME closes at 12:15 p.m. (CT), and Total Farm Marketing offices close at 1:00 p.m. (CT). There will be no End of Day Grain Market Insider

WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

All prices as of 2:00 pm Central Time

Corn

MAR ’25 447.75 1.5

JUL ’25 455.75 1.25

DEC ’25 437.25 -0.5

Soybeans

JAN ’25 969.5 -5

MAR ’25 975.5 -3.75

NOV ’25 987 -0.25

Chicago Wheat

MAR ’25 540.5 7.5

MAY ’25 551 8.25

JUL ’25 558.25 8

K.C. Wheat

MAR ’25 551 6.25

MAY ’25 559 6.5

JUL ’25 567 6.25

Mpls Wheat

MAR ’25 595.5 5.25

JUL ’25 610.5 4.5

SEP ’25 619.5 4.5

S&P 500

MAR ’25 6027.75 26

Crude Oil

FEB ’25 69.35 -0.11

Gold

FEB ’25 2627 -18.1

Corn
MAR ’25	447.75	1.5
JUL ’25	455.75	1.25
DEC ’25	437.25	-0.5

Soybeans
JAN ’25	969.5	-5
MAR ’25	975.5	-3.75
NOV ’25	987	-0.25

Chicago Wheat
MAR ’25	540.5	7.5
MAY ’25	551	8.25
JUL ’25	558.25	8

K.C. Wheat
MAR ’25	551	6.25
MAY ’25	559	6.5
JUL ’25	567	6.25

Mpls Wheat
MAR ’25	595.5	5.25
JUL ’25	610.5	4.5
SEP ’25	619.5	4.5

S&P 500
MAR ’25	6027.75	26

Crude Oil
FEB ’25	69.35	-0.11

Gold
FEB ’25	2627	-18.1

Grain Market Highlights

After a day of quiet back-and-forth trade within a tight 3-cent range, the corn market settled mixed. The front months closed higher, supported by additional demand, while new-crop contracts settled fractionally weaker.
Bear spreading and weakness in the meal market, driven by a forecast of rain in Central Argentina, pushed soybeans lower. The front months closed near session lows, while new-crop contracts settled mid-range and fractionally lower.
Despite a drop in the US dollar, the wheat complex posted gains across all three classes, supported by reports of a cap on Russian wheat exports and sharply higher Matif wheat prices.
To see the updated US and South American precipitation forecasts, 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

The corn market ended the day mixed after a session of quiet, two-sided trade within a tight 3-cent range. The nearby March contract closed just off the day’s high, supported by solid demand, while Dec ’25 finished mid-range and fractionally lower.
This morning, the USDA announced private export sales of 132,000 tons of corn for delivery to unknown destinations during the 24/25 marketing year.
Export inspections for corn for the week ending December 19 came in at the upper end of expectations at 1.122 million metric tons. While inspections were lower than the same week last year, total inspections remain 27% higher season-to-date.
With a shortened holiday week and year-end quickly approaching, trade could remain choppy on light volume as traders hesitate to extend their risk, opting instead to square positions ahead of year-end to protect profits.
Grain markets are scheduled to close at 12:05 PM CST on Tuesday and remain closed until 8:30 AM Thursday for the Christmas holiday.

Above: The uptrend in the corn market remains intact. Initial support below the market lies near 436, with additional support near 425. Initial overhead resistance comes in near 451 with additional resistance near 465.

Above: Corn Managed Money Funds net position as of Tuesday, December 17. Net position in Green versus price in Red. Managers net sold 6,475 contracts between December 11 – 17, 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 lower, with the front months leading the decline due to bear spreading. There was relatively little news today due to holiday trade, but the US dollar was higher against the Brazilian real, which tends to dampen export demand. Soybean meal was lower, while soybean oil was higher.
This morning, the USDA reported a flash sale of 132,000 metric tons of soybeans for delivery to China during the 24/25 marketing year.
China is seemingly loading up on US soybeans before potential tariffs take place under the Trump administration. Sinograin has purchased 500,000 tons of US soybeans for delivery in March-April, reportedly preferring the quality of US soybeans. However, there are concerns that export demand may slide next year if tariffs are implemented.
Friday’s CFTC report showed funds as sellers of soybeans. They sold 17,932 contracts, leaving them net short 76,252 contracts.

Above: The recent break in prices found initial support between 950 and 945. Initial overhead resistance lies just above the market near 985 with additional resistance between 990 and 1004.

Above: Soybean Managed Money Funds net position as of Tuesday, December 17. Net position in Green versus price in Red. Money Managers net sold 17,932 contracts between December 11 – 17, bringing their total position to a net short 76,252 contracts.

Wheat

Market Notes: Wheat

Despite some strength in the US dollar, all three wheat classes posted solid gains, potentially supported by recent news that Russia intends to cap further wheat exports at 10.6 mmt for the second half of the marketing year, after shipping a record-large 29 mmt in the first half. Sharply higher Matif wheat futures also offered additional support. Volatility may increase given the shortened trading week and lower trade volume surrounding Christmas.
Weekly wheat inspections of 14.8 mb bring the total 24/25 inspections figure to 439 mb, up 34% from last year. Inspections are running ahead of the USDA’s estimated pace; wheat exports for 24/25 are projected at 850 mb, up 20% year-over-year.
From a technical perspective, Chicago wheat futures had become oversold following the recent price tumble. Daily stochastics now show a crossover signal, which could indicate a near-term bottom and suggest the market is due for a correction to the upside.
Last week, managed funds added over 20,000 contracts to their net short position in Chicago wheat, bringing the total short to about 87,000 contracts. This could leave the market primed for a short-covering rally, but fresh bullish news may be needed to ignite it, especially as both the Australian and Argentine wheat crops are larger than last year.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Exit Half JUL ’25 620 Puts ~ 93c

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:

Grain Market Insider sees a continued opportunity to liquidate half of your remaining open July ’25 620 Chicago wheat puts at approximately 93 cents in premium minus fees and commission. Back in July Grain Market Insider recommended selling half of the original position to offset the cost of the now remaining puts. Our research shows that, with the July ’25 futures contract down roughly 16% from its October high of 656.25, this is an attractive risk/reward point to exit half of the remaining July ’25 620 Chicago Wheat put options as we approach the winter dormancy period.
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 largely 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.

Above: Chicago Wheat Managed Money Funds’ net position as of Tuesday, December 17. Net position in Green versus price in Red. Money Managers net sold 20,622 contracts between December 11 – 17, bringing their total position to a net short 87,401 contracts.

Action Plan: KC Wheat

Calls

Cash

Puts

Exit Half JUL ’25 KC 620 Puts ~ 86c

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:

Grain Market Insider sees a continued opportunity to liquidate half of the remaining open July ’25 620 KC wheat puts at approximately 86 cents in premium minus fees and commission. Back in July Grain Market Insider recommended selling half of the original position to offset the cost of the now remaining puts. Our research shows that, with the July ’25 futures contract down roughly 14% from its October high of 653.75, this is an attractive risk/reward point to exit half of the remaining July ’25 620 KC Wheat put options as we approach the winter dormancy period.
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.

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.

Above: KC Wheat Managed Money Funds’ net position as of Tuesday, December 17. Net position in Green versus price in Red. Money Managers net bought 3,369 contracts between December 11 – 17, bringing their total position to a net short 33,067 contracts.

Action Plan: Mpls Wheat

Calls

Cash

Puts

Exit Half JUL ’25 KC 620 Puts ~ 86c

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:

Grain Market Insider sees a continued opportunity to liquidate half of the remaining open July ’25 620 KC wheat puts at approximately 86 cents in premium minus fees and commission. Back in July Grain Market Insider recommended selling half of the original position to offset the cost of the now remaining puts. Our research shows that, with the July ’25 futures contract down roughly 14% from its October high of 653.75, this is an attractive risk/reward point to exit half of the remaining July ’25 620 KC Wheat put options as we approach the winter dormancy period.
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.

Above: Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, December 17. Net position in Green versus price in Red. Money Managers net bought 4,045 contracts bringing their total position to a net short 27,017 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 precipitation, percent of normal, courtesy of the National Weather Service, Climate Prediction Center.