All Prices as of 2:00 pm Central Time

Corn
MAY ’25	485	-5.25
JUL ’25	492.75	-4.25
DEC ’25	462	-1.5

Soybeans
MAY ’25	1041.75	-1
JUL ’25	1050.25	-2.75
NOV ’25	1028.5	3

Chicago Wheat
MAY ’25	547.5	-8.25
JUL ’25	561.75	-8.5
JUL ’26	630.75	-4

K.C. Wheat
MAY ’25	555.25	-12.75
JUL ’25	570.25	-13
JUL ’26	639	-8.75

Mpls Wheat
MAY ’25	604.75	-10.25
JUL ’25	619	-9.5
SEP ’25	631	-9.5

S&P 500
JUN ’25	5457.75	66.5

Crude Oil
JUN ’25	61.04	0.14

Gold
JUN ’25	3221.5	-23.1

Grain Market Highlights

Corn: Corn futures declined to start the week, pulling back from overbought conditions as spillover weakness from the wheat market added pressure.
Soybeans: Soybeans ended the day mixed, with front-month contracts closing lower while new crop prices firmed on bear spreading.
Wheat: Wheat futures closed lower across all three classes, led by double-digit losses in Kansas City contracts. The downturn was largely driven by forecasts for beneficial rains in the U.S. Southern and Southwestern Plains.
To see the updated 14-day precipitation anomaly outlook for South America as well as the 7-day U.S. precipitation outlook scroll down to the other charts/weather section.

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Corn

Action Plan: Corn

Calls

Cash

Puts

2024 Crop:

Plan A: Next cash sale at 546 vs May.
Plan B: No active targets.
Details:
- Sales Recs: Seven sales recommendations made to date, with an average price of 495.50.
- Continue Catching Up: If you haven’t made all seven sales to date, keep taking advantage of up days in the 487 to 512 range vs May to make catch-up sales. After tomorrow’s close, this target range will shift to the July futures contract.
- New Sales Target: 546 is the new target to trigger making an eighth sale on the 2024 crop.

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 have been made to date, with an average price of 460.75.
- Continue Catching Up: If you haven’t made all six sales to date, today remains a good opportunity to work toward getting caught up — with the close at 462, slightly above the average sales price of 460.75 to date.
- 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

Corn futures softened to start the week despite firm underlying demand. Pressure stemmed from weakness in the wheat market and long liquidation, which weighed on corn prices.
Front-month contracts bore the brunt as profit-taking narrowed the old crop/new crop spread. Increased grain movement, with producers marketing bushels ahead of the planting window, also added pressure.
USDA announced a flash sale of corn on Monday morning. Japan stepped into the U.S. corn export market and purchased 120,000 MT (4.7 mb) for the current marketing year.
Weekly corn export inspections were very strong in the USDA export inspections report. For the week ending April 10, U.S. Exporters shipped 1.829 MMT of corn. This total was above market expectations. Total corn shipments are running 30% above last year’s pace and still ahead of the USDA-raised export target for the marketing year.
Brazil’s second corn crop outlook continues to improve, supported by favorable weather and increased precipitation potential. CONAB recently raised production estimates, and trends remain positive as the growing season advances.

Corn Starts April Strong
After spending much of March hovering just above key support at 450, corn futures have surged higher to start April. A friendly April WASDE report—highlighting stronger demand—has helped fuel the rally, with futures pushing through resistance at the 50-day moving average. The next upside target is the February highs just above 500, while near-term support is expected to be near 470, at the upper end of the previous trading range.

Above: Corn Managed Money Funds net position as of Tuesday, April 8. Net position in Green versus price in Red. Money Managers net sold 3,181 contracts between April 1 – April 8, bringing their total position to a net long 53,576 contracts.

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 to date, with an average price of 1089.
- Catch-Up Target Hit: If you haven’t made all three sales to date, make a catch-up sale today as the May contract hit the 1047 target. This price level aligns with the Grain Market Insider sale recommendation issued back on January 14.

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, at 1063.50.
- 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 were mixed to end the day with a lower close in the front months but higher new crop prices in bear spreading action. Traders continue to expect a smaller acreage number this season supporting the back months. It was interesting that soybeans were only down slightly when soybean meal lost $2.50 and soybean oil lost 1.03 cents in the May contracts.
Today’s export inspections report was middle of the road for soybeans with 20.1 million bushels inspected for the week ending April 10 and was between the average trade estimates. Total inspections for 24/25 are now at 1.547 billion bushels, which is up 11% from the previous year.
March NOPA crush is projected at 197.6 million bushels, which would mark a record for the month of March. This follows a five-month low in February but still falls short of December’s 205 million bushels.
Friday’s CFTC report saw funds as sellers of 20,600 contracts of soybeans increasing their net short position to 50,447 contracts. They bought 35,887 contracts of bean oil and 3,103 contracts of meal. Funds are estimated to have bought back 26,000 contracts of beans over the past three days.

Volatile Start to April for Soybeans
Soybean futures dropped sharply in early April following newly announced tariffs, breaking key support near the 1000 level that had held firm through March. However, early April strength has since fueled a rebound, pushing futures back above the pivotal 1000 mark and reclaiming major moving averages—most notably the 200-day, which has capped rallies over the past two years. With momentum rebuilding, the market is now targeting the February highs near 1080, while the 200-day moving average should offer support on any spring pullbacks.

Above: Soybean Managed Money Funds net position as of Tuesday, April 8. Net position in Green versus price in Red. Money Managers net sold 20,600 contracts between April 1 – April 8, bringing their total position to a net short 50,447 contracts.

Wheat

Market Notes: Wheat

Wheat futures closed lower across all three classes, led by double-digit losses in Kansas City contracts. The downturn was largely driven by forecasts for beneficial rains in the U.S. Southern and Southwestern Plains. Additional pressure came from profit-taking after Friday’s rally and futures encountering technical resistance.
Weekly wheat inspections were pegged at 22.2 mb, bringing total 24/25 inspections to 672 mb, which is up 14% from last year. On last week’s WASDE report, the USDA dropped their estimate of 24/25 wheat exports from 835 mb to 820 mb, which would still be up 16% from the year prior.
Russian wheat export values declined by $1 last week, to $250/MT FOB, according to IKAR. SovEcon reported weekly Russian wheat exports at 450,000 MT—up 30,000 MT from the previous week—but expects total April shipments to reach only 1.9 MMT, significantly below the 5 MMT exported in April 2024.
Analyst APK-Inform has estimated that the Ukrainian 2025 grain harvest may increase by 8% to 57.5 mmt, largely due to a bigger corn crop. They also estimated Ukraine will harvest 21.5 mmt of wheat, which would be down from the 22 mmt crop in 2024. Finally, APK-Inform projected Ukraine’s 25/26 total grain exports would increase by 11% to 42.6 mmt.
The CFTC’s Commitments of Traders report indicated that as of the week ending April 8, money managers bought almost 10,000 contracts of Chicago wheat – this is nearly a 9% reduction in their net short position, which now sits at just over 102,000 contracts. During the same period, they increased their net short in Kansas City wheat by more than 4,000 contracts (or just over 9%) to nearly 50,000 contracts.

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 to date, with an average price of 690.
- 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 to date, with an average price of 646.
- 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 to date, at 624.
- 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.

Above: Chicago Wheat Managed Money Funds’ net position as of Tuesday, April 8. Net position in Green versus price in Red. Money Managers net bought 9,908 contracts between April 1 – April 8, bringing their total position to a net short 102,132 contracts.

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 to date, with an average price of 677.
- 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: Four sales recommendations made to date, with an average price of 639.
- No Changes: 677 is still the price target to trigger a fifth 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.

Above: KC Wheat Managed Money Funds’ net position as of Tuesday, April 8. Net position in Green versus price in Red. Money Managers net sold 4,159 contracts between April 1 – April 8, bringing their total position to a net short 49,834 contracts.

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 to date, with an average price of 696.
- 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 to date, with an average price of 646.
- 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.

Above: Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, April 8. Net position in Green versus price in Red. Money Managers net sold 164 contracts between April 1 – April 8, bringing their total position to a net short 28,844 contracts.

Other Charts / Weather

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

Above: Courtesy of ag-wx.com