4-15 End of Day: Grain Futures Mixed: Corn, Soybeans Diverge; Wheat Slides
The CME and Total Farm Marketing Offices will be Closed Friday, April 18, in Observance of Good Friday
All Prices as of 2:00 pm Central Time
| Corn | ||
| MAY ’25 | 481.25 | -3.75 |
| JUL ’25 | 489.5 | -3.25 |
| DEC ’25 | 464.25 | 2.25 |
| Soybeans | ||
| MAY ’25 | 1036 | -5.75 |
| JUL ’25 | 1046.5 | -3.75 |
| NOV ’25 | 1029.75 | 1.25 |
| Chicago Wheat | ||
| MAY ’25 | 542 | -5.5 |
| JUL ’25 | 556 | -5.75 |
| JUL ’26 | 625 | -5.75 |
| K.C. Wheat | ||
| MAY ’25 | 553 | -2.25 |
| JUL ’25 | 568.5 | -1.75 |
| JUL ’26 | 637.5 | -1.5 |
| Mpls Wheat | ||
| MAY ’25 | 601.25 | -3.5 |
| JUL ’25 | 615.5 | -3.5 |
| SEP ’25 | 628.5 | -2.5 |
| S&P 500 | ||
| JUN ’25 | 5434 | -6.75 |
| Crude Oil | ||
| JUN ’25 | 60.78 | -0.27 |
| Gold | ||
| JUN ’25 | 3244.4 | 18.1 |
Grain Market Highlights
- Corn: Mixed trade continued in the corn market, with old crop futures under selling pressure while deferred contracts found support.
- Soybeans: Soybeans closed mixed, with front-month contracts under pressure while new crop futures gained on continued expectations for reduced planted acreage.
- Wheat: Wheat futures closed lower across the board, pressured by a stronger U.S. dollar and a weaker close in Matif wheat futures.
- To see the updated 30-day percent of normal precipitation map for South America as well as the 8-14-day U.S. precipitation and temperature outlooks scroll down to the other charts/weather section.
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Corn
Action Plan: Corn
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
2024 Crop:
- Plan A: Next cash sale at 546 vs July.
- 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 July to make catch-up sales.
- Eighth Sales Rec: If July trades to 546 that will trigger the eighth sales recommendation.
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, keep taking advantage of up days in the 460 to 480 range vs December to make catch-up sales.
- 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: A third sales recommendation is likely tomorrow.
- Plan B: No active targets.
- Details:
- Sales Recs: Two sales recommendations made to date.
- Third Sale Rec: The December ’26 contract has rallied 30 cents from its March 31 low of 443.50 and is now encountering resistance at its February high of 472.50. It also has outperformed the December ’25 contract this month, which remains about 15 cents below its February high of 479.75.
To date, Grain Market Insider has issued the following corn recommendations:
Market Notes: Corn
- Mixed market trade continues in the corn market as old crop corn futures see additional selling pressure, offset by buying strength in the deferred contracts. Bear spreading has narrowed the old crop/new crop spread despite a firm demand tone on the front end.
- Market momentum remained subdued, with light holiday-week trade and a quiet news cycle contributing to lower activity. The lack of fresh headlines allowed front-month corn to drift lower in search of technical support.
- USDA announced a flash export sale of corn on Tuesday morning. Portugal stepped into the U.S. corn export market and purchased 110,000 MT of corn for the current marketing year. This was the second consecutive day of an old crop export sale.
- Brazil’s second corn crop outlook continues to improve, supported by favorable weather and increased precipitation potential. The monsoon season in areas of Brazil has found a second leg, which should boost production and limit some overall concerns for the key second crop corn.
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 percent planted (red) versus the 10-year average (blue) and last year (purple).
Soybeans
Action Plan: Soybeans
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
2024 Crop:
- Plan A: Next cash sale at 1107 vs July.
- Plan B: No active targets.
- Details:
- Sales Recs: Three sales recommendations made to date, with an average price of 1089.
- No Changes: With three sales recommendations made to date, continue targeting a move to 1107 to make a fourth sale.
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 the front months lower but new crop soybeans higher in more anticipation of smaller planted acres. May soybean futures are overbought with the stochastics showing a sell crossover, which may be adding pressure. Soybean meal was lower while soybean oil ended the day higher.
- Yesterday, the USDA released the first progress report for soybean plantings. 2% of the crop is reported as planted, which compares to 3% last year and the 5-year average of 2% at this time. The 6-10 forecast shows above-average precipitation throughout most of the country, which could delay planting.
- Today’s NOPA crush report saw soybean crush for March at 194.5 million bushels, which was below the average trade guess of 197.6 mb. This compared to 196.4 mb last year, and soybean oil stocks were seen at 1.498 billion pounds compared to estimates of 1.612 bp and 1.851 bp a year ago at this time.
- Brazil soybean prices have turned softer as harvest is in the back-end stages. China has been a strong purchaser on Brazil soybeans, up to 60-70 cargoes last week, including supplies for Feb-Mar 2026. Farmer selling has picked up, pressuring basis premiums in Brazil, limiting the strength in U.S. soybean prices.
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: Soybeans percent planted (red) versus the 10-year average (blue) and last year (purple).
Wheat
Market Notes: Wheat
- Wheat futures closed lower across the board, pressured by a stronger U.S. dollar and a weaker close in Matif wheat futures. In addition, the extended weather forecast calling for more rain across the Southern Plains limited any rally attempts.
- According to yesterday afternoon’s USDA Crop Progress report, winter wheat conditions slipped 1% from last week to 47% good to excellent – this compares to 55% good to excellent at this time last year. Additionally, 8% of the crop is headed, down from 10% last year but in line with the five-year average. Finally, spring wheat is 7% planted, up 1% from a year ago, but steady with the five-year average.
- Warmer weather is expected across the Southern Plains this week, with temperatures potentially reaching the 90s as far north as central Kansas. However, meaningful rainfall is forecast for Easter weekend, and the outlook remains wet into the end of April—supportive for crop development.
- France’s agriculture ministry raised its estimate for soft wheat planted area to 4.63 million hectares, up from 4.57 million in February and 10% higher year-over-year. The ministry also reported that overall wheat conditions are improving as the season progresses.
Action Plan: Chicago Wheat
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
2024 Crop:
- Plan A: Target 701 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 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.
Action Plan: KC Wheat
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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 550-580 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: Winter wheat condition percentage good-excellent (red) versus the 5-year average (green) and last year (purple).
Action Plan: Mpls Wheat
Calls
2024
No New Action
2025
No New Action
2026
No New Action
Cash
2024
No New Action
2025
No New Action
2026
No New Action
Puts
2024
No New Action
2025
No New Action
2026
No New Action
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: Spring wheat percent planted (red) versus the 10-year average (blue) and last year (purple).
Other Charts / Weather
