All Prices as of 2:00 pm Central Time

Corn
MAY ’25	467.25	6.75
JUL ’25	475.5	5.25
DEC ’25	446.25	1.75

Soybeans
MAY ’25	1034.75	-6.25
JUL ’25	1044.5	-8.25
NOV ’25	1018.25	-7

Chicago Wheat
MAY ’25	513	7.25
JUL ’25	530.75	5.25
JUL ’26	606	3.5

K.C. Wheat
MAY ’25	514.25	-1
JUL ’25	529.5	-1.5
JUL ’26	603.75	-2.25

Mpls Wheat
MAY ’25	614	9
JUL ’25	597	4.25
SEP ’25	609.5	3

S&P 500
JUN ’25	5543.25	-40.5

Crude Oil
JUN ’25	58.23	-2.19

Gold
JUN ’25	3312.7	-20.9

Grain Market Highlights

Corn: Corn futures posted modest gains Wednesday, recovering from early session lows on strong demand signals.
Soybeans: Soybeans closed lower for a second straight session, pressured by rapid planting and favorable weather forecasts.
Wheat: Wheat ended mixed as month-end positioning and global supply outlooks continue to shape trade sentiment.
To see the updated U.S. 7-day precipitation forecast as well as the U.S. 30-day precipitation rank by climate district as well as the 14-day precipitation forecast for South America, scroll down to the other charts/weather 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: Eight sales recommendations made to date, with an average price of 494.
- No Changes: No active sales targets to report.

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: Seven sales recommendations have been made to date, with an average price of 461.25.
- No Changes: Still no active sales targets to report. Options targets remain active and unchanged.

2026 Crop:

Plan A: Next cash sale at 474 vs December ‘26.
Plan B: No active targets.
Details:
- Sales Recs: Three sales recommendations have been made to date, with an average price of 460.
- New: A new target has posted to make a fourth cash sale at 474 vs December ‘26.

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

Market Notes: Corn

Corn futures saw some price recovery on Wednesday as the friendly demand tone helped pull prices off early session lows. Old crop contracts led the rebound, supported by solid export and ethanol demand.
USDA reported a second consecutive flash export sale of 120,000 MT to unknown destinations for 2024–25, highlighting robust export interest.
Weekly ethanol production rose to 1.040 million barrels per day, translating to 100.9 million bushels of corn use—slightly above the pace needed to meet USDA targets.
New corn crop prices were limited by weather forecasts as conditions for the early part of May are favorable for planting pace. The warmer and overall drier forecast should help producers maintain a strong start to the planting of the 2025-26 corn crop.

Corn on the Move: Bulls Eye 510+ After Breakout
Corn futures broke out in April after holding key support near 450 through much of March. A bullish April WASDE report highlighting stronger demand sparked the rally, with prices pushing through the 50-day moving average. All eyes now turn to planting progress and demand trends to drive the next move. The February highs just above 510 are the next upside target, while support is firming near 470 at the top of the previous range.

Above: From Barchart – World Corn Export Prices in U.S. Dollars per metric ton. Brazil (Blue), U.S. NOLA (White), Argentina (Red), Ukraine non-GMO (yellow)

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

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: Continue to target 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: Make a cash sale if November closes below 1016.75 support.
Details:
- Sales Recs: One sales recommendation made so far to date, at 1063.50.
- No Changes: If you’re behind on sales, target 1063 vs November for a catch-up opportunity. If you’re in line with current recommendations, Plan A remains to make the next cash sales at 1093 and 1114, while keeping an eye on 1016.75 support as part of Plan B.

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 first sales targets may not post until May or later.

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

Market Notes: Soybeans

Soybeans ended the day lower for the second consecutive day on continued pressure from a fast planting pace and favorable weather conditions over the next few weeks. Prices have been relatively supported as trade still looks at smaller soybean acres, which could cause a decline in the carryout, especially if China begins buying again.
Both soybean meal and oil ended the day lower with soybean oil posting the majority of losses, as crude oil futures slumped by over 2 dollars a barrel. Malaysian palm oil futures were also lower and have posted 4 consecutively lower closes.
Argentina soybean harvest may be yielding better than expected. Dr. Cordonnier, crop analyst, has raised his projection for the Argentina soybean crop to 50 MMT, up 1 MMT from his last projection. This is slightly above USDA projections at 49 MMT.
Brazilian soybeans continue to undercut U.S. prices. FOB Brazilian beans are 30–50 cents cheaper than U.S. Gulf offerings for May–July, which could further limit U.S. export competitiveness as China maintains its preference for Brazilian supply.

Soybean Futures Rebound: Momentum Builds Above Key Support
Soybean futures dropped sharply in early April after newly announced tariffs triggered a break below key support near 1000, a level that had held firm through March. However, strong buying interest fueled a swift rebound, pushing futures back above the pivotal 1000 mark and reclaiming major moving averages — especially the 200-day, which had capped rallies for the past two years. With momentum rebuilding, the market is now eyeing the February highs near 1080, while the 200-day moving average is expected to provide support on any spring pullbacks.

Above: From Barchart – World Soybean Export Prices in U.S. Dollars per metric ton. Brazil (Blue), U.S. NOLA (White), Argentina (Red)

Wheat

Market Notes: Wheat

Wheat futures finished mixed on Tuesday, with Chicago and Minneapolis posting modest gains while Kansas City slipped slightly. End-of-month short covering helped lift the market, though KC remains weighed down by improving weather prospects in parts of Kansas and Oklahoma. All three classes are technically oversold, and Chicago stochastics are nearing a buy crossover.
According to the Buenos Aires Grain Exchange, Argentina’s 25/26 wheat crop is expected to reach 20.5 mmt. If realized, this would be the second highest total on record. The next week or so is expected to be net dry for Argentina, which should aid with corn and soybean harvest, as well as wheat planting (which typically begins in May).
Australia’s wheat output is forecast by the USDA FAS at 31 MMT for 2025/26, a decline of 3.1 MMT year-over-year due to lower acreage and yields. Exports are projected at 23 MMT, down from 26 MMT.
The European Commission reports that EU soft wheat exports have reached 17.5 mmt as of April 27; the season began on July 1. This is down 34% year over year, with 26.6 mmt shipped during the same period a year ago.
Northern China’s wheat belt remains under stress, with little rainfall expected in the next 10 days. China’s Water Resources Minister has reportedly issued directives to bolster drought relief efforts.

Action Plan: Chicago Wheat

Calls

Cash

Puts

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.
- New:
  - The 705.50 sales target has been lowered to 701.
  - Grain Market Insider originally recommended buying July 620 puts on June 7 of last year and has advised holding onto 25% of that original position. It’s looking likely that a recommendation to exit the final portion will come later this week – potentially Wednesday or Thursday.

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.
- New: The 704 sales target has been lowered to 702.

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

Chicago Wheat Futures Back Near Support
After months of sideways action, Chicago wheat futures broke higher in February, rallying to early October highs just above 615. However, that mid-month peak quickly turned into a reversal point, sending futures back into the late 2024 trading range. Support near 530 held firm through March, and should continue to act as support in the near-term. The next key test is the 200-day moving average — a decisive weekly close above it could signal a shift in momentum and potentially kickstart a broader upside trend.

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 July contract continues to chop around in the 560–580 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.
- New:
  - The 667 sales target has been lowered to 657 vs July.
  - Grain Market Insider originally recommended buying July 620 puts on June 7 of last year and has advised holding onto 25% of that original position. It’s looking likely that a recommendation to exit the final portion will come later this week – potentially Wednesday or Thursday.

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 Holding Support, Watching 200-Day Resistance
February was a volatile month for Kansas City wheat, with prices surging higher before tumbling back and ending the month little changed. March and April brought additional weakness, dragging prices near recent lows, but the ability to hold these lows is encouraging. On a rebound, the 200-day moving average will be the first resistance level to watch, with February highs near 640 serving as a more significant upside barrier. On the downside, support near the December lows around 540 should provide a strong floor if selling pressure continues.

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.
- New: Grain Market Insider originally recommended buying July KC 620 puts on June 7 of last year and has advised holding onto 25% of that original position. It’s looking likely that a recommendation to exit the final portion will come later this week – potentially Wednesday or Thursday.

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 at a Crossroads
Spring wheat broke out of its long-standing sideways range in late January, triggering a surge of bullish momentum. The rally gained traction in mid-February with a close above the 200-day moving average, though late-month weakness briefly pushed futures back below key technical levels. Unlike the winter wheats, spring wheat has been able to hover near a confluence of moving averages which are acting as support as of now. The next upside target is the February highs near 660. With spring wheat acreage projected to be the lowest in 55 years, weather volatility is likely to play a major role in driving price action this season.

Above: From Barchart – World Wheat Export Prices in U.S. Dollars per metric ton. Russia (Blue), U.S. PNW (White), Argentina (Red), Ukraine (Yellow)

Other Charts / Weather

Above: Courtesy of ag-wx.com

Above: Courtesy of ag-wx.com