All Prices as of 2:00 pm Central Time

Corn
JUL ’25	454.5	7
DEC ’25	448.5	6.75
DEC ’26	464.25	4

Soybeans
JUL ’25	1053	2.25
NOV ’25	1041	4
NOV ’26	1043	1.5

Chicago Wheat
JUL ’25	546	17
SEP ’25	559.75	16.75
JUL ’26	616.5	13.5

K.C. Wheat
JUL ’25	536.25	13.5
SEP ’25	550	13.5
JUL ’26	608	11

Mpls Wheat
JUL ’25	597.75	12.25
SEP ’25	610.25	11.5
SEP ’26	670.75	9.25

S&P 500
JUN ’25	5941.25	-41.25

Crude Oil
JUL ’25	62.01	-0.13

Gold
AUG ’25	3318	56.6

Grain Market Highlights

🌽 Corn: Corn futures posted gains for a second consecutive session, supported by strength in the wheat market and growing concerns about late-season planting delays.
🌱 Soybeans: Soybean futures ended higher Tuesday after a mixed session. July contracts continue to find support at the 100- and 200-day moving averages but have struggled to recover meaningfully from last week’s decline.
🌾 Wheat: Wheat futures closed sharply higher Tuesday following a decline in U.S. winter wheat crop conditions in the latest USDA report.
To see updated U.S. weather outlooks maps 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.
- Changes:
  - A Plan B downside stop could possibly be added within a day or two. The front-month contract hasn’t closed below 440 since mid-December, and the July contract is currently testing that area. If support fails to hold here, the next downside risk could be a move toward 400.

2025 Crop:

Plan A:
- Exit all 510 December calls @ 43-5/8 cents.
- Exit half of the December 420 puts @ 43-3/4 cents.
- Exit one-quarter of the December 420 puts if December closes at 411 or lower.
- Roll-down 510 & 550 December calls if December drops to 399.
Plan B: No active targets.
Details:
- Sales Recs: Seven sales recommendations have been made to date, with an average price of 461.25.
- Changes:
  - None. Prepped for growing season volatility with upside and downside targets to start legging out of open options positions.

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.
- Changes:
  - None.

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

Market Notes: Corn

Corn futures posted gains for a second consecutive session, supported by strength in the wheat market and growing concerns about late-season planting delays. July corn has now traded higher in four of the past five sessions and is nearly 20 cents above recent lows.
Technical momentum is building as July futures closed above the key $4.50 level on Tuesday, while December corn pushed through its 200-day moving average. These bullish signals could trigger additional short covering.
USDA estimated corn planting at 78% complete, up 16% from last week. This was slightly below expectations, but 15% higher than last year and 5% above the 5-year average. Most states are ahead of schedule compared to the 5-year average, but the states of Illinois, Ohio, and Kentucky are behind pace due to wet weather in those states.
Rain covered much of the Corn Belt on Tuesday, with more expected throughout the week. While moisture is welcomed in the western Corn Belt, the eastern region remains too wet. With the calendar moving past optimal planting windows, the market is turning its attention to the final 20% of acres.
Attention now shifts to summer weather, as NOAA’s long-range forecasts call for a drier pattern and above-average temperatures across much of the Corn Belt — especially in the west, where dryness is already a concern.

Corn Futures Slide Back Toward 2024 Lows as Support Levels Erode
Corn futures bounced in April off the key $4.50 level, boosted by a bullish WASDE and a break above the 50-day moving average. But May brought selling pressure, as strong planting progress and demand worries dragged prices back below $4.70. The $4.45–$4.50 zone has again held firm, but with momentum weakening, traders are watching to see if this critical support can withstand further pressure.

Corn percent planted (red) versus the 10-year average (blue) and last year (purple).

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.
- Changes:
  - None.

2025 Crop:

Plan A:
- Next cash sales at 1114 vs November.
- Exit one-third of 1100 call options at 1085 vs November.
- Exit remaining two-thirds of 1100 November call options at 88 cents.
Plan B:
- Make a cash sale if November closes below 1018.50 support.
Details:
- Sales Recs: One sales recommendation made so far to date, at 1063.50.
- Changes:
  - Another tranche of January put options may be recommended in a couple weeks.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Zero sales recommendations made so far to date.
- Changes:
  - None.

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

Market Notes: Soybeans

Soybeans ended the day higher after a day of mixed trade. July futures have been bouncing higher off support at the 100 and 200-day moving averages but have not been able to rally following last week’s sell-off. While planting pace has been quick, recent rains may slow progress. Both soybean meal and oil were higher to end the day.
Monday’s Crop Progress report showed soybean planting at 66%, slightly above trade expectations. This compares to 48% last week and a 5-year average of 53%. Emergence was reported at 34%, ahead of last week’s 17% and the average of 23% for this time of year.
While planting progress remains strong overall, recent widespread rains across the Corn Belt could slow fieldwork. Looking ahead, the 7–14-day forecast shows below-normal precipitation across much of the Corn Belt west of Ohio, raising concerns about early-season dryness.
In Argentina, there was severe flooding over the weekend with rainfall totaling 6 to 10 inches in some areas north of Buenos Aires. The 24/25 bean crop was estimated at 50 mmt previously, but the catastrophic flooding will likely bring that number lower.

Soybean Futures Hover Near Top of Yearly Range Amid Renewed Optimism
After tumbling below the psychologically important 1000 mark in early April on tariff-related headlines, soybean futures appeared to be in freefall. The break of the March floor sparked a wave of technical selling, briefly sending prices spiraling. But the decline proved fleeting. Buyers quickly stepped in, reversing the momentum and powering futures back above 1000, reclaiming key moving averages along the way.

Of particular note was the clean break above the 200-day moving average — a barrier that had long capped upside attempts. With that ceiling now acting as solid support, bullish sentiment has taken the driver’s seat. Futures are now consolidating near the upper end of their 2024 range, setting their sights on a potential retest of the February peak around $10.80. As long as pullbacks hold the 200-day line, the path of least resistance may remain higher.

Soybeans percent planted (red) versus the 10-year average (blue) and last year (purple).

Wheat

Market Notes: Wheat

Wheat futures closed sharply higher Tuesday following a decline in U.S. winter wheat crop conditions in the latest USDA report. Additional heavy rainfall across parts of the already-saturated Southern Midwest raised further concerns about crop quality and may have triggered short covering. A strong rally in Paris milling wheat also supported U.S. prices, with the September Matif contract closing at its highest level in more than two weeks.
Winter wheat conditions dropped 2 points to 52% good to excellent, falling short of market expectations for steady ratings. Roughly 64% of the crop is now headed, ahead of the 5-year average of 58% but behind last year’s 67%. For spring wheat, planting progress reached 82%, well ahead of the 5-year average of 65% and last year’s 76%. Emergence stands at 45%, also ahead of normal.
According to IKAR, Russian wheat export values for June delivery remained unchanged last week at $247 per mt on FOB basis. Both IKAR and SovEcon are similar in their estimates of Russia’s May wheat exports, with the former anticipating between 1.8-2.0 mmt and the latter sitting at 1.8 mmt.
The USDA estimates that Brazil’s wheat planted area for 25/26 may be down 8.5% to 2.8 million hectares, when compared with the season prior. However, production is expected to be up 1.4% to 8 mmt, while their consumption is forecast to remain steady at 12.1 mmt.

Action Plan: Chicago Wheat

Calls

Cash

Puts

2024 Crop:

Plan A:
- Target 699.25 vs 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.
- Changes:
  - None. Still waiting for a bottom to form.

2025 Crop:

Plan A:
- Target 693.75 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.
- Changes:
  - None. Still waiting for a bottom to form.

2026 Crop:

Plan A:
- Target 675 vs July ‘26 for the next sale.
Plan B: No active targets.
Details:
- Sales Recs: One sales recommendation made to date, at 624.
- Changes:
  - None.

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

Chicago Wheat Looking for Support
After months of range-bound trading, Chicago wheat futures broke out in February, climbing to October highs just above 615. However, the rally proved short-lived, with prices quickly retreating back into their 2024 range. By mid-May, futures broke below key support near 530 and are now searching for a bottom around the 520 level. The next major technical hurdle is the 200-day moving average — a firm weekly close above this level could signal a potential trend reversal and open the door to a broader uptrend.

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.
- Changes:
  - None. Still waiting for a bottom to form.

2025 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Four sales recommendations made to date, with an average price of 639.
- Changes:
  - None. Still waiting for a bottom to form.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Sales Recs: Zero sales recommendations made so far to date.
- Changes:
  - None.

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

Kansas City Wheat Searching for Support
Kansas City wheat experienced sharp volatility in February, rallying early before settling flat by month’s end. Persistent weakness through March and April pushed prices toward recent lows — and the market broke below that support to start May. A recovery back above the prior 540 level would signal a potential bottom. On a rebound, the 200-day moving average stands as the first resistance, with a more formidable ceiling at the February highs near 640.

Winter wheat condition percentage good-excellent (red) versus the 5-year average (green) and last year (purple).

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.
- Changes:
  - None. Still waiting for a bottom to form.

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.
- Changes:
  - None. Still waiting for a bottom to form.

2026 Crop:

Plan A: No active targets.
Plan B: No active targets.
Details:
- Changes:
  - None.

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

Spring Wheat Holds Recent Lows
Spring wheat futures broke out of a prolonged sideways trend in late January, sparking a wave of bullish momentum. The rally gained strength in mid-February with a decisive close above the 200-day moving average. However, late-month weakness briefly dragged futures back below key support levels.
Currently, futures are retreating toward recent lows, pressured by strong planting progress and favorable weather conditions across major spring wheat-growing regions. On a potential rebound, initial resistance is expected near the 600 level, where a confluence of moving averages could cap gains.

Spring wheat percent emerged (red) versus the 5-year average (green) and last year (purple).

Other Charts / Weather

Courtesy of ag-wx.com