All Prices as of 2:00 pm Central Time

Corn
MAY ’25	450	-1.25
JUL ’25	458	-1
DEC ’25	443.75	-0.75

Soybeans
MAY ’25	1016.75	15.75
JUL ’25	1030.5	15.5
NOV ’25	1020.5	13.75

Chicago Wheat
MAY ’25	532	-3.25
JUL ’25	547.25	-3.75
JUL ’26	622.75	-0.25

K.C. Wheat
MAY ’25	566.25	1.25
JUL ’25	579.75	0.5
JUL ’26	647.5	2.75

Mpls Wheat
MAY ’25	588.5	3.25
JUL ’25	603.25	2.25
SEP ’25	616.5	0.75

S&P 500
JUN ’25	5756.25	-3.25

Crude Oil
MAY ’25	69.91	0.26

Gold
JUN ’25	3099.2	46.9

Grain Market Highlights

Corn: Despite a positive export sales report, the corn market ended the trading day lower, continuing to face pressure from large acreage projections for the spring.
Soybeans: Soybeans closed higher today, driven by a surge in soybean oil, which provided support to the entire soy complex.
Wheat: Wheat futures closed mixed today as weather forecasts improved for the Black Sea region and U.S. Plains, with an increased chance of precipitation.
To see the updated U.S. 7-day precipitation forecast as well as the Brazil and Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center and NOAA scroll down to the other Charts/Wheat section.

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Corn

Action Plan: Corn

Calls

Cash

Puts

2024 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Catch-up: If you’re behind on sales, continue targeting 480 vs May as the first catch-up spot.
- Status Quo: No changes to the overall strategy. There are still no new targets for an eighth sales recommendation on the 2024 crop. With the typically volatile Prospective Plantings and Grain Stocks reports coming out next Monday, Grain Market Insider will likely hold off on new recommendations until after the reports — unless market conditions shift significantly.

2025 Crop:

Plan A: Exit all 510 December calls @ 43-5/8 cents. Exit half of the December 420 puts @ 43-3/4 cents.
Plan B: No active targets.
Details:
- Catch-up: If you’re behind on sales, continue targeting 462 vs December as the first catch-up spot.
- Status Quo: No changes to the overall strategy for new crop corn. The approach remains well-balanced between the sales recommendations, the open 420 put options, and the open 510/550 call options. Bring on the March 31 reports!

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Recs: One sales recommendation made so far.
- No Targets: No new or active targets at this time.

To date, Grain Market Insider has issued the following corn recommendations:

Market Notes: Corn

Selling pressure persisted in the corn market despite a supportive export sales report, as large acreage projections continue to weigh on the market. May corn recorded its lowest close since December 19 during the session.
For the week, sellers have been in control of the corn market as the momentum has triggered follow-through selling and long liquidation. Going into Friday’s session, May corn is trading 14 ¼ cents lower on the week.
USDA release weekly export sales on Thursday morning. For the week ending March 20, exporters reported new sales of 1.040 MMT (40.9 mb). Japan was the largest buyer of US corn for the week. Total corn export sales for the current marketing year are up 24% from last year and ahead of pace to reach the USDA target for the marketing year.
USDA will release the Prospective Plantings report on Monday March 31. Expectations for corn acres are to be near 94.36 million acres, up nearly 3.8 million acres from last year. The market is hearing talk of a “whisper” number that could reach as high as 96 million acres. The prospect of an exceptionally large acreage forecast is limiting the corn market in anticipation of Monday’s report.

Corn Finds Its Footing After Sharp Pullback
After soaring to 16-month highs in late February, corn futures took a steep dive, retreating to test key technical levels. Prices recently found support near 450, aligning with both the 100-day moving average and a critical trendline — potentially marking a short-term low as the market pivots toward spring planting.
A rebound from this level suggests renewed strength, but hurdles remain. Initial resistance looms near the 50-day moving average, while stronger support sits deeper at the 200-day moving average. With the USDA’s March planting intentions report on the horizon and weather developments in both South America and the U.S., volatility could return swiftly, keeping traders on high alert.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

2024 Crop:

Plan A: Next cash sale at 1107 vs May. Buy calls with a close over 1079.75 vs May.
Plan B: No active targets.
Details:
- Catch-up: If you’re behind on sales, continue to target 1056 vs May as a first catch-up spot.
- Status Quo: No changes to the current strategy from last week.

2025 Crop:

Plan A: Next cash sale at 1114 vs November. Exit all 1100 November call options at 88 cents.
Plan B: No active targets.
Details:
- Catch-up: There has been one official sales rec on 2025 soybeans to date. If you’re behind, continue targeting 1040 vs November to catch up.
- Status Quo: No changes to the current strategy from last week.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Status Quo: It will be at least another 1–2 months before the first targets or recommendations are likely to post.

To date, Grain Market Insider has issued the following soybean recommendations:

Market Notes: Soybeans

The entire soy complex closed higher in Thursday’s trading session, breaking through nearby resistance levels. Soybean oil futures surged for the fourth consecutive day, driven by optimism surrounding biodiesel blending, which provided strong support to the soybean market.
U.S. soybean export demand has been on a downward trend, largely due to the abundant supply of soybeans coming out of Brazil. Brazil’s soybean exports for March are expected to reach 15.6 mmt more than 2 mmt higher than the same period last year.
South American weather is expected to remain favorable as the growing season wraps up and harvest continues. The soybean harvest in Brazil is now 76% complete, ahead of the average pace by 10% for this time of year.
U.S. soybean sales for the week ending March 20th totaled 12.4 million bushels (mb) for the 2024/2025 marketing year, along with a decrease of 800,000 mt for the 2025/2026 marketing year. Shipments reached 33.9 mb, exceeding the 14 mb required to meet the 1.826 bb target. Total soybean commitments now stand at 1.681 bb, up 13% compared to the same period last year.
Weather is becoming a growing concern for traders as soybean planting season approaches in the U.S., with 42% of the soybean-growing area currently facing drought conditions.

Soybeans Find Support Near 1000
Soybean futures tested the 200-day moving average in early 2025, a stubborn resistance level that has kept rallies in check for 18 months. As March unfolded, favorable weather and harvest pressure from South America triggered a sharp selloff, sending prices tumbling. Despite the decline, support held firm around the psychological 1000 level, with a stronger backing near 950. If the market continues to rebound, initial resistance sits at 1030, but the 200-day moving average remains a formidable hurdle.

Wheat

Market Notes: Wheat

Wheat closed in mixed fashion, posting small losses in Chicago futures, with even smaller gains in Kansas City. Paris milling wheat futures also closed down by 3.00 to 3.75 Euros/mt. Weakness seems to have stemmed in large part from forecasts with better chances of rain in both the Black Sea region and the US plains. Weekly export sales were also soft, adding to pressure in the market.
The USDA reported an increase of 3.7 mb of wheat export sales for 24/25 and an increase of 0.4 mb for 25/26. Shipments last week totaled 15.8 mb, which falls below the 21.7 mb pace needed per week to reach the USDA export forecast of 835 mb. Total 24/25 sales commitments have reached 768 mb which is up 12% from last year.
According to the USDA, as of March 25, U.S. winter wheat areas saw a significant reduction in drought conditions. Only 14% of winter wheat acres are currently experiencing drought, compared to 34% the previous week. Spring wheat acres in drought also improved during the same period, now estimated at 21%, down from 39% a week ago.
According to their ag ministry, Ukrainian grain exports are said to have totaled 32.2 mmt so far this season, which would be a decline of 6% from a year ago. Wheat specifically accounts for 12.9 mmt of exports, but that is down 4.4% year over year.

Action Plan: Chicago Wheat

Calls

Cash

Puts

2024 Crop:

Plan A: Target 701 against May for the next sale.
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy from last week.
- Preemptive Sale: Monitoring various indicators for sell signals that could suggest the need for a preemptive sale — before 701 hits. This applies to Plan B.

2025 Crop:

Plan A: Target 714 against July for the next sale.
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy from last week.
- Preemptive Sale: Monitoring various indicators for sell signals that could suggest the need for a preemptive sale — before 714 hits. This applies to Plan B.

2026 Crop:

Plan A: Target 704 against July ‘26 for the next sale
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy from last week.
- Preemptive Sale: Monitoring various indicators for sell signals that could suggest the need for a preemptive sale — before 704 hits. This applies to Plan B.

To date, Grain Market Insider has issued the following Chicago Wheat recommendations:

Chicago Wheat Faces Key Test After February Surge
After months of sideways grinding, Chicago wheat broke out in February, rallying to early October highs just above 615. However, that mid-month peak quickly turned into a reversal point, with futures slipping back into the previous trading range that defined late 2024. For now, support near 540 has held firm, marking the lower boundary of this range, while the 200-day moving stands as the next major test. A decisive weekly close above this level could shift momentum, potentially setting the stage for a trend reversal and renewed upside.

Action Plan: KC Wheat

Calls

Cash

Puts

2024 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy since yesterday.

2025 Crop:

Plan A: Target 677 against July for the next sale.
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy since yesterday.
- Preemptive Sale: Monitoring various indicators for sell signals that could suggest the need for a preemptive sale — before 677 hits. This applies to Plan B.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Status Quo: Still not expecting the first targets for another two to three months — likely around May or June.

To date, Grain Market Insider has issued the following KC recommendations:

Kansas City Wheat Seeks Direction After February Whiplash
February was a wild ride for Kansas City wheat, with prices surging higher before tumbling back down, ultimately finishing the month little changed. Now, with weather concerns heating up in March, futures have regained momentum, climbing back above the pivotal 200-day moving average. Looking ahead, the 200-day moving average should act as support on any pullback, while February highs near 640 remain a formidable barrier to the upside. A breakout above this level could signal a more sustained rally, but for now, the market remains in a tug-of-war between bullish weather risks and technical resistance.

Action Plan: Mpls Wheat

Calls

Cash

Puts

2024 Crop:

Plan A: Target 625 against May for the next sale.
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy from last week.
- Preemptive Sale: Monitoring various indicators for sell signals that could suggest the need for a preemptive sale — before 625 hits. This applies to Plan B.

2025 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Status Quo: No changes to the current strategy from last week.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Status Quo: Still not expecting the first targets for another three to four months — likely around June or July.

To date, Grain Market Insider has issued the following Minneapolis wheat recommendations:

Spring Wheat Struggles to Hold Breakout Amid Volatility
Spring wheat broke out of its long-standing sideways range in late January, sparking a wave of bullish momentum. The rally gained traction in mid-February with a close above the 200-day moving average, but late-month weakness erased those gains, pulling futures back below key technical levels. Now, the 200-day moving average looms as resistance, capping any rebound attempts, while support near 580 remains critical to preventing further downside. To reignite the uptrend, futures would need a sustained move back above the 200-day, with the next upside test at February highs near 660. Until then, the market remains in search of direction amid shifting fundamentals.

Other Charts / Weather

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

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