All prices as of 2:00 pm Central Time

Corn
MAR ’25	441.75	1.75
JUL ’25	450.5	2.75
DEC ’25	439.25	2

Soybeans
JAN ’25	990	-3.75
MAR ’25	995.5	-3.75
NOV ’25	1004.75	-0.25

Chicago Wheat
MAR ’25	558.75	1.5
MAY ’25	567.25	1.75
JUL ’25	573.25	2

K.C. Wheat
MAR ’25	558.75	5
MAY ’25	566.25	4.75
JUL ’25	574	4.75

Mpls Wheat
MAR ’25	603.25	6.75
JUL ’25	618.25	5.5
SEP ’25	626.75	5

S&P 500
MAR ’25	6139.5	-27.5

Crude Oil
FEB ’25	68.09	1.11

Gold
FEB ’25	2683.7	24.1

Grain Market Highlights

Strong demand continues to support the corn market, which followed through on last week’s rally. However, recent gains in the March contract may have been limited by farmer selling.
Rumors of potential Chinese cancellations of US soybeans weighed on the soybean market, which closed near session lows in sympathy with lower soybean oil. Soybean meal settled in the green but well off its highs.
Higher Russian export prices and the collapse of Syria’s government may have supported the wheat market, as increased unrest could disrupt wheat export logistics, particularly from Russia.
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 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 posted mild gains to start the week, supported by follow-through buying and strong demand.
Producer selling on the recent rally may have capped gains in the March contract, reflected in weaker spreads versus deferred months.
Weekly export inspections totaled 1.050 mmt (41.3 mb) for the week ending December 5, keeping total inspections 32% above last year and ahead of USDA projections.
Tuesday’s USDA WASDE report is expected to raise export and ethanol demand, cutting corn carryout to 1.906 billion bushels.
Managed funds trimmed their net long corn position by 9,222 contracts to 88,220 as of December 3.

Above: 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.

Above: Corn Managed Money Funds net position as of Tuesday, December 3. Net position in Green versus price in Red. Managers net sold 9,222 contracts between November 27 – December 3, bringing their total position to a net long 88,220 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 closed lower after early strength, with January futures up 9 cents at the open before fading on fears of Chinese cancellations. Soybean meal ended higher, while soybean oil was slightly lower.
Weekly export inspections totaled 59.6 mb, on the low end of expectations. Total 24/25 inspections reached 861 mb, up 19% from last year.
Tomorrow’s USDA WASDE report is expected to show minimal changes for the US crop, though Brazilian production estimates may rise due to wet weather.
Friday’s CFTC report showed funds buying 9,255 soybean contracts as of December 3, reducing their net short to 72,217. Additional short-covering may occur before year-end.

Above: 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 see resistance near the 50-day moving average and 1013 before retesting 1045.

Above: Soybean Managed Money Funds net position as of Tuesday, Dec. 3. Net position in Green versus price in Red. Money Managers net bought 9,255 contracts between November 27 – December 3, bringing their total position to a net short 72,217 contracts.

Wheat

Market Notes: Wheat

Wheat closed higher across all categories despite weaker Matif futures and poor inspections.
News of Syria’s government collapse raised concerns about Middle Eastern unrest potentially impacting wheat logistics, especially Russian exports, which helped support prices.
Weekly wheat inspections totaled 8.3 mb, bringing 24/25 inspections to 412 mb, up 30% from last year and ahead of the USDA’s pace for the estimated 825 mb annual exports.
Russian wheat export values increased $2 to $228/mt FOB last week, according to IKAR. SovEcon reported total Russian grain exports at 1.08 mmt, with wheat comprising 1.01 mmt.
Reuters reported Egypt’s military agency has taken over commodity imports, including wheat, replacing GASC, which has managed grain procurement for decades.

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 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.

Above: Chicago Wheat Managed Money Funds’ net position as of Tuesday, December 3. Net position in Green versus price in Red. Money Managers net sold 10,268 contracts between November 26 – December 3, bringing their total position to a net short 69,386 contracts.

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: 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.

Above: KC Wheat Managed Money Funds’ net position as of Tuesday, December 3. Net position in Green versus price in Red. Money Managers net sold 7,769 contracts between November 26 – December 3, bringing their total position to a net short 38,430 contracts.

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: 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.

Above: Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, December 3. Net position in Green versus price in Red. Money Managers net sold 1,877 contracts between November 27 – December 3, bringing their total position to a net short 32,154 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 total precipitation courtesy of the National Weather Service, Climate Prediction Center.