All Prices as of 2:00 pm Central Time

Corn
MAY ’25	483	9
JUL ’25	488.75	8.25
DEC ’25	454.25	3.5

Soybeans
MAY ’25	1029	16.25
JUL ’25	1036.75	13.25
NOV ’25	1004.75	7.75

Chicago Wheat
MAY ’25	538	-4.25
JUL ’25	553.5	-2.25
JUL ’26	623.25	1

K.C. Wheat
MAY ’25	558	-10
JUL ’25	573	-7.25
JUL ’26	637.25	-4

Mpls Wheat
MAY ’25	608.75	7.75
JUL ’25	621.5	7
SEP ’25	632.5	7.25

S&P 500
JUN ’25	5319	-172

Crude Oil
JUN ’25	59.79	-2.03

Gold
JUN ’25	3187.8	108.4

Grain Market Highlights

Corn: Today’s release of the USDA’s Supply and Demand report helped drive corn futures significantly higher, thanks to larger-than-expected cuts to the US corn carryout projection.
Soybeans: Soybeans finished the day posting gains, thanks to some favorable tariff news out of the EU and an encouraging WASDE report.
Wheat: The USDA report caused the wheat market to close lower overall today, after releasing bearish data that weighed on prices.
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:
- Sales Recs: Seven sales recommendations made so far to date.
- Catch-Up Target Hit Today: If you haven’t made all seven sales to date, now’s the time to start catching up — the first catch-up target of 477 vs May has been hit.
- No Changes: Still no new recommendations for making an eighth sale. Patience is still advised if you are in line with the seven sales recommendations.

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:
- Sales Recs: Six sales recommendations made so far to date.
- Catch-Up Target: If you haven’t made all six sales to date, aim for 459 vs December as your first catch-up target.
- No Changes: No new sales targets have posted to trigger a seventh sale for the new crop. Continue to stay patient if you are in line with the six sales recommendations.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Two sales recommendations made to date.
- No Changes: No new sales targets have posted to trigger a third sale for the new crop.

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

Market Notes: Corn

A larger than expected cut in the US corn carryout projection helped push corn futures strongly higher on Thursday after the USDA Supply/Demand report. July corn futures traded to its highest level since February 28 on the session.
The USDA lowered corn carryout for the 2024-35 marketing year to 1.465 BB, down 75 mb from last month. The USDA added 100 mb to export demand but removed 25 mb from feed demand to reach the 75 mb reduction. The carryout of 1.465 bb was well below analysts’ expectations, supporting prices.
Weekly export sales for corn were lackluster in this week’s USDA export sales report. For the week ending April3, US exporters posted new sales of 786,000 MT for the current marketing year. South Korea was the largest buyer of U.S. corn last week. Total corn export sales on the books are still supportive of prices and trending 25% over last year.
Brazil ag agency, CONAB, released their projection for corn production to 124.76 MMt, up nearly 2 MMT from their March forecast. 1.3 MMT of that projected production raise came from the key second crop corn. In similar fashion, the Rosario Grain Exchange in Argentina raised its production forecast 4 MMt for 48.5 MMT from their March projection. Favorable weather overall has helped build the production boost.

Corn Finds Support Ahead of Growing Season
After surging to 16-month highs in late February, corn futures experienced a sharp pullback, spending much of March testing key technical support levels. As spring planting approaches in earnest, futures have stabilized around the 450 level — a zone that’s likely to continue acting as near-term support into the early part of the growing season. If this area fails to hold, stronger support is expected near the 200-day moving average, currently around 430. On the upside, the first resistance comes at the 100-day moving average, followed by the March highs and the 50-day moving average near the 470 level.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

2024 Crop:

Plan A: Next cash sale at 1107 vs May.
Plan B: No active targets.
Details:
- Sales Recs: Three sales recommendations made so far to date.
- Catch-Up Target: If you haven’t made all three sales to date, aim for 1047 vs May as your first catch-up target. This price level aligns with the Grain Market Insider sale recommendation issued back on January 14.
- One Change: The target to buy call options on a close above 1079.75 has been cancelled, leaving the 1107 sales target as the only active target.

2025 Crop:

Plan A: Next cash sales at 1093 & 1114 vs November. Exit all 1100 November call options at 88 cents.
Plan B: No active targets.
Details:
- Sales Recs: One sales recommendation made so far to date.
- Catch-Up Target: If you didn’t make the one sale, aim for 1063 vs November as your catch-up target. This price level aligns with the Grain Market Insider sale recommendation issued back on January 29.
- No Changes: With one sales recommendation made to date, a move to 1093 would trigger the second, and 1114 the third. These targets remain unchanged, and Grain Market Insider remains optimistic that the November contract could still reach them.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Zero sales recommendations made so far to date.
- No Changes: The expectation is still for targets to begin posting in a month or two.

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

Market Notes: Soybeans

Soybeans ended the day higher following positive tariff news out of the EU this morning, and gains were further supported by a slightly friendly WASDE report. However, export sales were disappointing, and China remains an unreliable buyer at this point. Soybean meal also finished higher, while soybean oil closed lower, tracking weakness in crude oil.
Today’s WASDE report saw US soybean ending stocks falling slightly by 5 mb to 375 mb as crushings were increased by 10 mb. World stockpiles were increased to 122.5 mmt from 121.4 mmt, and both Brazilian and Argentinian soybean production were unchanged.
Today’s export sales report was poor and below the bottom range of analyst expectations. China was the top buyer, but it was a small amount and likely purchased by Sino grain which is run by the Chinese government and is not subject to the tariffs. The USDA reported an increase of 6.3 mb of bean exports for 24/25 and none for 25/26. Last week’s export shipments of 28.1 were above the 13.0 mb needed each week.
China has purchased only a minimal amount of soybeans so far this year, making the tariff news bullish overall, but particularly supportive for soybean oil. With tariffs on Chinese cooking oil now so high, imports are likely to slow, boosting domestic demand.

Soybeans Break Lower on Tariff News
The newly announced tariffs in early April caused soybean futures to drop sharply, breaking previously held support near the 1000 level that had sustained the market throughout March. Should the decline persist, support is expected to emerge around the December lows at 950. Conversely, if prices rally, initial resistance will be encountered at the 1000 level, followed by a confluence of major moving averages between 1020 and 1030. Of these, the 200-day moving average has proven particularly challenging for the soybean market to break above, restricting gains for nearly the last year and a half.

Wheat

Market Notes: Wheat

Wheat closed lower across all three classes following somewhat bearish data from the USDA report. However, a significant drop in the US Dollar Index may have helped limit the downside movement for wheat futures. Grain markets, in general, will remain sensitive to new tariff developments and headlines.
On today’s WASDE report, US 24/25 wheat endings stocks came in at 846 mb. This was above 819 mb in March, as well as the average pre-report estimate of 822 mb. Global 24/25 wheat carryout was pegged at 260.7 mmt, which was down 0.1 mmt from the trade guess, but was above last month’s 260.1 mmt.
Also on today’s report, the USDA increased US wheat imports by 10 mb and lowered exports by 15 mb. Furthermore, Russian exports were raised by 1 mmt, while Canada and Ukraine were also both up 0.5 mmt. There were declines to both EU and Australian exports, by 0.5 mmt each.
The USDA reported an increase of 3.9 mb of wheat export sales for 24/25 and an increase of 4.0 mb for 25/26. Shipments last week totaled 12.5 mb, which falls below the 22.0 mb pace needed per week to reach the USDA’s export target. Sales commitments have reached 784 mb for 24/25, which is up 13% from last year.
According to the USDA Foreign Agricultural Service, Pakistani wheat imports are expected to reach 1.7 mmt in the 25/26 season that begins in May. While this would fall below the 23/24 level, it would be 100,000 mt above the 24/25 season. The reason for the increase is because production is expected to fall 13% year over year to 27.5 mmt.

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:
- Sales Recs: Four sales recommendations made so far to date.
- No Changes: 701 is still the price target to trigger a fifth sales recommendation.

2025 Crop:

Plan A: Target 705.50 against July for the next sale.
Plan B: No active targets.
Details:
- Sales Recs: Five sales recommendations made so far to date.
- No Changes: Still targeting 705.50 to trigger the sixth sales recommendation.

2026 Crop:

Plan A: Target 704 against July ‘26 for the next sale
Plan B: No active targets.
Details:
- Sales Recs: One sales recommendation made so far to date.
- No Changes: 704 is still the price target to trigger a second sales recommendation.

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

Chicago Wheat – Back to Sideways Trend
After months of sideways movement, Chicago wheat broke higher in February, rallying to early October highs just above 615. However, this mid-month peak quickly turned into a reversal point, with futures sliding back into the trading range that defined late 2024. Currently, support near 530 continues to hold firm. The next major resistance is the 200-day moving average, which now represents a critical test. A decisive weekly close above this level could signal a shift in momentum, potentially marking the beginning of a trend reversal and a return to upside momentum.

Action Plan: KC Wheat

Calls

Cash

Puts

2024 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Three sales recommendations made so far to date.
- No Changes: Still no active price targets, as the May contract continues to chop around in the 550–570 range.

2025 Crop:

Plan A: Target 677 against July for the next sale.
Plan B: No active targets.
Details:
- Sales Recs: Five sales recommendations made so far to date.
- No Changes: 677 is still the price target to trigger a sixth sales recommendation.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Zero sales recommendations made so far to date.
- No Changes: The expectation is still for targets to begin posting in the May – June timeframe.

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. March ended with weakness, bringing prices back near recent lows, but holding trendline support so far in April remains encouraging. On a rebound, the 200-day moving average is expected to act as initial resistance, with February highs near 640 serving as a more significant barrier. Support near the December lows of 540 should act as stout support on any continued decline.

Action Plan: Mpls Wheat

Calls

Cash

Puts

2024 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Five sales recommendations made so far to date.
- No Changes: No active targets for a sixth sales recommendation at this time.

2025 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Five sales recommendations made so far to date.
- No Changes: No active targets for a sixth sales recommendation at this time.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- No Changes: The expectation is still for targets to begin posting in the June – July timeframe.

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

Spring Wheat Hovers Near Support
Spring wheat broke out of its long-standing sideways range in late January, triggering a surge of bullish momentum. The rally gained further traction in mid-February with a close above the 200-day moving average, but late-month weakness wiped out those gains, pushing futures back below key technical levels. Currently, the 200-day moving average acts as a barrier, limiting any rebound attempts, while support near 580 remains crucial in preventing further downside. To reignite the uptrend, futures would need to make a sustained move above the 200-day, with the next upside target at the February highs near 660. With spring wheat acreage expected to be the lowest in the past 55 years, weather volatility is likely to play a significant role in market movements.

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.