FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!

TUESDAY, DECEMBER 31: The CME has regular trading hours, and Total Farm Marketing offices will close at 3:00 p.m. (CT).

WEDNESDAY, JANUARY 1: The CME and Total Farm Marketing offices are closed.

All prices as of 2:00 pm Central Time

Corn
MAR ’25	452.25	-1.75
JUL ’25	463.25	-1.25
DEC ’25	439	-1.75

Soybeans
JAN ’25	982	2
MAR ’25	991.75	2
NOV ’25	1008.25	3.75

Chicago Wheat
MAR ’25	548.25	1.75
MAY ’25	559	2.25
JUL ’25	566.25	2.5

K.C. Wheat
MAR ’25	555.75	1.25
MAY ’25	564.5	1.75
JUL ’25	573	1.5

Mpls Wheat
MAR ’25	593.75	-1.5
JUL ’25	609.75	-1
SEP ’25	619	-1.25

S&P 500
MAR ’25	5979.75	-47.25

Crude Oil
FEB ’25	70.95	0.35

Gold
FEB ’25	2619.3	-12.6

Grain Market Highlights

Corn futures ran into selling pressure Monday after a strong Sunday night session. After six consecutive sessions of higher prices corn ended the day lower.
Soybean futures ended Monday higher after running into resistance near the $10 level. Soybean meal and soybean oil both ended the session higher as well.
In a quiet session, the winter wheats ended higher while spring wheat futures posted fractional losses. Midday weakness in corn futures added some outside pressure to wheat.
To see the US 7-day precipitation forecast courtesy of NOAA, as well as the 7-day ECMWF precipitation forecast for South America, 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

Sell MAR ’25 Cash

Puts

Corn Action Plan Summary

2024 Crop:

NEW ACTION – Grain Market Insider recommends selling a portion of your 2024 corn crop.
The March 2024 contract has rallied 30 cents from the Thanksgiving low and has recently traded to its highest level since late June. Looking back even farther, corn is roughly 23% higher than the August low when looking at the continuous corn chart. While strong demand has been a main driver of this rally, we are starting to see corn demand slowing at these higher prices. Therefore, Grain Market Insider sees this as an advantageous area to reward this rally by selling a portion of your 2024 corn 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

Corn prices reversed early-session gains, posting a technical chart reversal that could trigger further selling ahead of the year’s final trading session.
Hedge funds hold a large net long position in corn, but year-end position squaring may add pressure. The latest Commitment of Traders report is due Monday afternoon.
The USDA released weekly corn inspections on Monday morning. Last week, exporters moved 878,000 Mt (34.6 mb), down from 1.15 MMT last week. Total Export inspections are running 29% ahead of last year and well above the pace to reach USDA targets for the marketing year.
The Buenos Aires Grain Exchange raised its Argentina corn planting estimate to 6.6 million hectares (16.3 million acres), from 6.3 million previously citing better profitability for corn compared to soybeans.

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 higher after volatile trade which saw prices significantly higher to start the day before fading into negative territory. While the close was higher, March futures may have met some resistance at the 50-day moving average and $10.00 mark. Both soybean meal and oil were higher as well.
Today’s export inspections report saw soybean inspections totaling 57.7 million bushels for the week ending December 26. This was within the range of trade estimates and put total inspections for 24/25 at 1.051 bb, which is up 31% from the previous year.
The USDA attaché in Brazil is now estimating the 24/25 crop in the country at 165 mmt. Planted acreage grew from last year, and crop estimates have continued to grow as the season continues. Brazilian weather forecasts remain favorable while Argentina may see a stretch of drier weather coming up.
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.

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 closed the session relatively quietly, with small gains in Chicago and Kansas City, but small losses in Minneapolis. World demand is providing some support, with reports of large purchases by Algeria and Egypt. But technical selling at midday led to prices fading into the end of the session.
Weekly wheat inspections at 12.4 mb bring the total 24/25 inspections to 451 mb, which is up 27% from the year prior. Inspections are running ahead of the USDA’s estimated pace, with exports estimated at 850 mb, up 20% from last year.
Rumors of Egypt purchasing 1.27 mmt of wheat offered early support to the market, despite anticipation that the majority would be sourced from Russia.
According to the Buenos Aires Grain Exchange, Argentina’s wheat harvest is 89% complete as of December 27. This is up from 76% the week prior. Additionally, they left their production estimate unchanged at 18.6 mmt, which remains above the USDA at 17.5 mmt.
As reported by IKAR, Russian wheat export values ended last week at $237 per mt, which is up $3 from the week before. Furthermore, the Russian agriculture ministry lowered the wheat export tax to 4,346 Rubles per mt through January 14; this represents a 9% decline from the previous figure.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Chicago Wheat Action Plan Summary

2024 Crop:

Patience is advised regarding sales, as we monitor the market for improved conditions and timing. With harvest underway in the southern hemisphere and winter wheat into dormancy in the northern hemisphere, this can historically be a slow time of the year for the wheat market.
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 recently recommended liquidating a portion of previously recommended put options.
Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.
Continue holding the remaining quarter 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 these remaining puts if the market makes new lows.
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 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

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 recently recommended liquidating a portion of previously recommended put options.
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 quarter 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 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:

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.