All prices as of 2:00 pm Central Time

Corn
MAR ’25	454	0.25
JUL ’25	464.5	0.75
DEC ’25	440.75	-1

Soybeans
JAN ’25	980	-8
MAR ’25	989.75	-7.5
NOV ’25	1004.5	-5

Chicago Wheat
MAR ’25	546.5	5.5
MAY ’25	556.75	4.75
JUL ’25	563.75	4.25

K.C. Wheat
MAR ’25	554.5	3
MAY ’25	562.75	3.25
JUL ’25	571.5	3.25

Mpls Wheat
MAR ’25	595.25	1.25
JUL ’25	610.75	1
SEP ’25	620.25	1.25

S&P 500
MAR ’25	6020.75	-74.5

Crude Oil
FEB ’25	70.57	0.95

Gold
FEB ’25	2634.7	-19.2

Grain Market Highlights

Corn futures edged slightly higher on Friday, building on Thursday’s breakout above resistance. Strong export sales drove a fourth consecutive week of gains.
Soybeans ended the day lower on somewhat disappointing export sales but closed higher on the week. Soybean meal and soybean oil futures were higher on the week as they attempt to rebound from their recent lows.
Wheat futures ended the week on a positive note, with Chicago leading the gains. Despite this, wheat remains in a tight trading range as the year draws to a close.
To see the US 7-day precipitation forecast courtesy of NOAA, Weather Prediction Center and the Brazil and Argentina week two forecast precipitation, percent of normal, courtesy of the National Weather Service, Climate Prediction Center 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 near the 450 area (Mar ‘25).
Over the past three months, the corn market has repeatedly tested resistance near current levels. With post-harvest basis improvements, cash corn prices in many areas are now nearing their highest levels since June. Target the 455 to 460 versus March ‘25 area to make additional sales against your 2024 crop.

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 week with a quiet session and mixed trade. Strong export sales and demand supported the front end of the market, helping the March contract close 7-3/4 cents higher for the week, marking the fourth consecutive week of gains.
On Friday, the March contract traded within a very tight range of 2-3/4 cents, from high to low. Prices are now testing strong overhead resistance, with the narrow range potentially signaling a slowdown in upward momentum.
Weekly corn export sales were supportive as U.S. exporters reported new sales of 1.711 MMT (67.4 mb), just slightly above expectations. Total sales are still trending 29% higher than last year and ahead of the pace needed to reach USDA export targets. Mexico was the largest buyer of corn for the week.
While futures prices have rallied, in some regions of the corn belt, the cash market has absorbed the gains as basis levels have widened to balance the market as producers have been active in selling bushels.

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.

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, giving back a portion of yesterday’s gains and were mainly driven lower due to a disappointing export sales report. While soybean meal was the leader yesterday, it ended lower today while soybean oil was slightly higher.
Today’s export sales report saw an increase of 35.9 million bushels of soybean export sales for 24/25 and an increase of 4.6 mb for 25/26. This was a marketing year low and was down 31% from the previous week and 47% from the prior 4-week average. Export shipments of 57.8 mb were above the 24.7 mb needed each week to meet the USDA’s export estimates, and primary destinations were to China, Spain, and Egypt.
CONAB has said that Brazil’s soybean exports are likely to reach 105.5 mmt in the 24/25 season which would be an improvement from the previous season where export totaled 96.8 mmt as a result of lower production.
January soybean options expired at the end of the session on Friday. The market pinned open 980 calls and puts on the closed as prices seemed to move to cover the open interest at that strike level. The open on Sunday night could bring some volatility as the market handles those possibly exercised options.

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.

Wheat

Market Notes: Wheat

Wheat futures closed higher across all classes, supported by a weaker U.S. Dollar Index, stronger Matif wheat futures, and bullish technical indicators.
The USDA reported an increase of 22.5 mb of wheat export sales for 24/25 as well as an increase of 0.5 mb for 25/26. Shipments last week at 13.8 mb fell below the 18.0 mb pace needed per week to reach their export goal of 850 mb. Sales commitments have reached 616 mb, which is up 11% from last year.
China has reportedly increased financial support for farmers, with lower interest rates and expanding loan ability. Additionally, their government is said to have promised more support for ag research projects. All of this is aimed at national food security and less reliance on grain imports.
Turkey’s 2024 wheat output fell 5.5% to 20.8 mmt, likely increasing import needs. Reduced Russian production may open opportunities for U.S. exports.
According to the Buenos Aires Grain Exchange, Argentina’s wheat crop is 64% harvested. Furthermore, the crop remains in very good condition overall; 86% of the crop is rated normal to excellent, compared with 58% a year ago.

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.

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.

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.

Other Charts / Weather

Above: Brazil and Argentina week two forecast precipitation, percent of normal, courtesy of the National Weather Service, Climate Prediction Center.