All prices as of 2:00 pm Central Time

Corn
MAR ’25	440	5
JUL ’25	447.75	4.75
DEC ’25	437.25	3.25

Soybeans
JAN ’25	993.75	0
MAR ’25	999.25	0.25
NOV ’25	1005	-2

Chicago Wheat
MAR ’25	557.25	-1
MAY ’25	565.5	-1.25
JUL ’25	571.25	-1.25

K.C. Wheat
MAR ’25	553.75	1.25
MAY ’25	561.5	1.25
JUL ’25	569.25	1.75

Mpls Wheat
MAR ’25	596.5	-2
JUL ’25	612.75	-1.25
SEP ’25	621.75	-1.75

S&P 500
MAR ’25	6160.25	3.5

Crude Oil
FEB ’25	66.93	-1.03

Gold
FEB ’25	2655.9	7.5

Grain Market Highlights

Strong demand continues to drive the corn market, which closed higher for the second consecutive day following Thursday’s bullish reversal.
Soybeans continued to drift sideways and closed mixed with strong demand lending support to the front month contracts, while the prospect of a large South American crop weighed on the back months.
The wheat complex took a breather following yesterday’s run-up with a mixed close. The worst Russian crop conditions in 20 years lent support, while the Southern Hemisphere harvest limited gains.
To see the updated US and South American precipitation forecasts, and 7-day total precipitation 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

Puts

Corn Action Plan Summary

2024 Crop:

If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.
We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

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 rose for the second straight session, with March futures up 7 cents on the week, closing near weekly highs.
Strong export sales and ethanol demand have supported prices since August lows, but year-end farmer selling may limit rallies.
Favorable cash and basis levels persist as producers hold onto stored supplies, a trend likely to continue into early 2025.
The USDA’s December WASDE report on Tuesday is expected to show higher export and ethanol demand, reducing corn carryout to 1.906 billion bushels.

The corn market was once again testing the 442 level; a close above this area could lead to a run towards 465. If prices fail to break through to the upside and retreat, a close below 422 support could put the market at risk of trading to 410.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

2024 Crop:

If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.
Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.
This is the period when seasonal opportunities typically improve, and we plan to post target ranges for new sales soon, though it could be as late as early spring.

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 closed mixed, continuing to consolidate ahead of next week’s USDA report, as supportive demand clashed with strong South American crop prospects. Opposing trends in soybean oil (higher) and meal (lower) added to the market’s lack of direction.
Early trade estimates for Tuesday’s USDA report suggest minimal, if any, changes to US, South American, or global soybean supply and demand figures.
The bull market story for soybeans remains strong US crush and export demand, while market bears remain focused on benign South American weather and large crop prospects.
With a burdensome world supply outlook, it might take a South American weather scare to move prices significantly higher.

The soybean market continues to trend sideways just above 975 support. Should the market close below there, it could be at risk of sliding toward the 940 support area near the August low. Conversely, if prices gain traction and rally, they could resistance near the 50-day moving average and 1013 before retesting 1045.

Wheat

Market Notes: Wheat

Wheat closed mixed, with small losses in Chicago and Minneapolis but a slight gain in Kansas City. Matif wheat and the US Dollar Index offered little direction, trading both sides of unchanged.
Tuesday’s USDA WASDE report is expected to show minimal changes for wheat, with U.S. 24/25 carryout projected at 816 mb and global 23/24 and 24/25 stocks steady at 266.3 mmt and 257.6 mmt, respectively.
Australian and Argentine wheat harvests may be capping prices. Argentina’s harvest is 48.1% complete, up from 38.7% last week, with production estimated at 18.6 mmt, compared to 15.1 mmt last year.
French soft wheat planting reached 96% by Dec. 2, ahead of last year’s 87% and above the five-year average of 93%, with 86% rated good or very good, according to FranceAgriMer.
Russia’s 25/26 wheat crop is forecast at 81.5 mmt, with estimates ranging from 77.4 to 85.6 mmt. Conditions are reportedly the worst since 2003 due to adverse weather.

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:

Front-month Chicago wheat continues to hover just above support at the 540 level. If a bullish trigger emerges, pushing prices through the 50- and 200-day moving averages and closing above 586, it could be poised to retest the 617 area. Conversely, if it slides lower and closes below 536, it may retreat 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:

March KC wheat remains rangebound between 536 and 577. A close below this level could put the market at risk of testing the August low of 527 ¼. If on the other hand a bullish trigger emerges, prices could encounter resistance near 567 before re-testing 577.

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:

Since late November, Minneapolis wheat has drifted lower, finding support just above the March contract low of 584 ½. If the market closes below this level, it could risk trading down to the 563 support area. Conversely, if a bullish trigger pushes prices higher and close above 613, they could be poised to test the October highs near 655.

Other Charts / Weather

US 7-day precipitation forecast courtesy of NOAA, Weather Prediction Center.

Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

Brazil and N. Argentina 7-day total accumulated precipitation courtesy of the National Weather Service, Climate Prediction Center.