All prices as of 2:00 pm Central Time

Corn
DEC ’24	413.25	7.25
MAR ’25	431	6.5
DEC ’25	448.5	3.25

Soybeans
NOV ’24	1006.25	-4.5
JAN ’25	1024.75	-4.75
NOV ’25	1058	-2.5

Chicago Wheat
DEC ’24	594.75	16.25
MAR ’25	612.25	14.75
JUL ’25	627	13.75

K.C. Wheat
DEC ’24	600	13.75
MAR ’25	612.75	13
JUL ’25	623.5	13

Mpls Wheat
DEC ’24	635.5	13.75
MAR ’25	655.5	12.25
SEP ’25	674.5	8.5

S&P 500
DEC ’24	5688.25	25.75

Crude Oil
NOV ’24	67.93	-0.22

Gold
DEC ’24	2609.4	28.8

Grain Market Highlights

Strong gains in the neighboring wheat market and a trend of falling ending stocks helped the corn market close higher on the day and post its third consecutive weekly close higher.
After failing to punch through the 50-day moving average, November soybeans came under pressure from technical selling and carryover weakness from sharply lower soybean oil prices. Soybean meal also closed lower on the day.
The wheat complex settled with double-digit gains across all three classes, with the Chicago contracts leading the way. Short covering was likely spurred by increased tensions in the Black Sea, with additional support coming from, higher Matif wheat futures, a weaker US dollar, and the possibility that India may still import wheat.
To see the updated US 5-day precipitation forecast, 6 – 10-day Temperature and Precipitation Outlooks, and 1-week Forecast Precipitation for South America, courtesy of NOAA, and the Weather Prediction Center, scroll down to the other Charts/Weather section.

Note – For the best viewing experience, some Grain Market Insider content is best viewed with your phone held horizontally.

Corn

Action Plan: Corn

Calls

Cash

Puts

Corn Action Plan Summary

Since printing a market low in late August the corn market has rallied largely on fund short covering as the rush of old crop bushels into the market has slowed and demand has picked up. While the upcoming harvest of an expectedly large crop may continue to limit upside potential, it is a good sign that corn buyers are finding value at these multi-year low price levels. Any unexpected downward shift in anticipated supply or increase in demand could trigger managed funds to cover more of their extensive short positions and rally prices further, however, an extended rally is unlikely until after harvest.

No new action is recommended for 2024 corn. In June we recommended buying Dec ’24 470 and 510 calls after Dec ’24 closed below 451, for their relative value and because we are at that time of year of high volatility when markets can move swiftly. Moving forward, our current strategy is to target the value of 29 cents to exit the Dec ’24 470 calls. Exiting the 470 calls at 29 cents will allow you to lock in gains in case prices fall back and hold the remaining 510 calls at or near a net neutral cost, which should continue to protect existing sales and give you confidence to make further sales if the market rallies sharply. Additionally, should a contra-seasonal rally occur considering the large net short managed fund position, we continue to target the 470 – 490 area to recommend making additional sales versus Dec ’24.
No new action is currently recommended for 2025 corn. Between early June and late July Grain Market Insider made three separate sales recommendations to get early sales made for next year’s crop. Considering the seasonal weakness of the market in late summer and early fall, we will not be looking to post any targeted areas for new sales until late fall or early winter. Although, we will look to protect current sales, in the form of buying call options, should the market begin to show signs of a potential extended rally.
No Action is currently recommended for 2026 corn. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Market Notes: Corn

Corn futures rode the coattails of a strong wheat market and a trend of lower ending stocks in the past three WASDE reports, finishing the session with gains. With this strong close, December corn futures ended the week 7 cents higher, marking the market’s third consecutive weekly gain.
Concerns about weather conditions in Europe and the Black Sea regions, along with the potential geopolitical impact of the Russia-Ukraine War, helped trigger a short-covering rally in the wheat market. The spillover strength also supported corn futures.
In the last three USDA Crop Production reports, new crop (24/25 marketing year) ending stocks projections have slightly decreased, from 2.102 bb in July to 2.057 bb in the September report. This decline in carryout has occurred despite higher supply and production forecasts, as late-season 23/24 demand has offset gains in US production.
Weekly export sales for corn were disappointing at 667,000 mt, down nearly 1.2 mmt from the previous week. Such a slowdown in export sales may have been attributed to rising corn prices because of price movement and increased freight costs as Gulf export prices have been increasing with the restricted Mississippi River water levels.
As harvest nears, rallies may be limited by an increase in producer selling of freshly harvested bushels or Brazilian producers moving stored supplies. It is estimated the Brazilian producers have only sold 53% of their old crop corn, which is behind pace compared to the past couple of marketing years for this time window.

Above: After posting a bearish reversal on September 6, the corn market has remained relatively stable. Overhead resistance remains around 416, a close above which could set prices up to rally toward the 430 area. On the downside, support could be found near the 50-day moving average, and again near 385.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

Since late May, the soybean market has steadily declined due to sluggish demand for the new crop, favorable growing conditions, and expectations of a large upcoming harvest. Weather forecasts have also generally remained supportive of the crop, while the market has factored in the likelihood of higher yields. With the weather turning drier as the crop enters its final development, the funds have covered some of their extensive short positions and rallied prices. While the market still anticipates a large crop at harvest, which could ultimately weigh on prices, should yields be less than expected, the recent pick up in demand could spur more short covering by the funds.

No new action is recommended for the 2024 crop. At the end of December, we recommended buying Nov ’24 1280 and 1360 calls due to the amount of uncertainty in the 2024 soybean crop and to give you confidence to make sales and protect those sales in an extended rally. Given that the market has retreated since that time, we are targeting the 1040 – 1070 range versus Nov ’24 futures to exit 1/3 of the 1280 calls to help preserve equity. Additionally in June, the close below 1180 triggered our Plan B strategy, which recommended making additional sales due to the potential change in trend. Should a bullish catalyst enter the market to turn prices higher, we are targeting the 1090 – 1120 range from our Plan A strategy to make additional sales recommendations.
No Action is currently recommended for 2025 Soybeans. To date, Grain Market Insider has not recommended any sales for next year’s soybean crop yet. First sales targets will probably be set in late fall or early winter at the earliest. Currently, our focus is on watching for opportunities to recommend buying call options. Should Nov ‘25 reach the upper 1100 range, the likelihood of an extended rally would increase, and we would recommend buying upside call options at that time in preparation for that possibility.
No Action is currently recommended for 2026 Soybeans. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Market Notes: Soybeans

Soybeans closed lower after a mixed session, with the November contract testing the 50-day moving average but failing to break through for the second time since last week. Notably, on September 6, when November soybeans last failed at the 50-day mark, prices dropped 36 cents over four days. Both soybean meal and oil also ended the session lower.
For the week, November soybeans gained 1 ¼ cents to 1006 ¼ while March soybean gained 2 ½ cents to 1039. December soybean meal lost $1.50 to $322.90 and December soybean oil lost 0.70 cents to 38.93 cents. Funds likely bought back a good portion of their short position this week despite prices moving just slightly higher.
This morning, the USDA reported private export sales of 100,000 metric tons of soybeans for delivery to China during the 24/25 marketing year. China has made multiple new crop soybean purchases this week totaling 232,000 mt and has been an active buyer in general recently.
Argentina is poised for its largest soybean acreage expansion in 15 years, with planted acres expected to rise by 7.5% compared to last year. According to the Rosario Board of Trade, the total planted area is projected to reach 17.7 million hectares (43.7 million acres).
Brazil has had months of dry weather and much of the upcoming price action will rely on the weather in the country going forward. They are forecast to receive showers in the South, but central Brazil is still forecast to remain dry for another 10 days. With appropriate rains, Brazil would likely produce a new record crop in 2025.

Above: After entering the 1005 – 1040 resistance area, November soybeans posted a bearish key reversal which remains intact, suggesting prices could erode further. Below the market, support remains between 960 and 955, with key support near the August low of 940.

Wheat

Market Notes: Wheat

It was an impressive close for wheat, with double-digit gains across all three classes. While support came from higher Matif wheat prices and a weaker US Dollar Index, much of the jump could be attributed to the “war premium” being factored in. There is talk that President Biden may lift restrictions on Ukraine’s use of NATO-allied missiles to strike Russia.
India has reportedly reduced the total amount of wheat that millers and traders can hold from 3,000 mt to 2,000 mt, in an effort to protect their domestic prices. There is also still talk that India may need to import wheat, which would be bullish.
As of September 10, the USDA reported that 57% of US winter wheat acres were experiencing drought conditions, up from 52% the previous week. This marks the highest level in a year and may impact winter wheat planting in the southern Plains.
Ukraine’s National Hydrometeorology Center reports critically low soil moisture levels, with approximately 70% of winter grain planting areas nearly devoid of moisture. This ranks among the worst summer and fall droughts, comparable to those in 2011 and 2015. However, there is still time for rainfall, as winter grains can be sown until early November in southern regions.
Dry conditions in Argentina continue to pose challenges for the development of their winter wheat crop. Meanwhile, Australia’s outlook is more favorable, as recent rainfall in the east has benefited their wheat crop, with additional rain expected in the same areas next week.

Action Plan: Chicago Wheat

Calls

Cash

Puts

Chicago Wheat Action Plan Summary

Since mid-July, the wheat market has mostly drifted sideways as the trade tries to balance smaller US and global supplies against cheaper world export prices. During this period, a potential seasonal low was also marked on July 29th as managed funds maintained a sizable net short position in Chicago wheat. While slow global import demand and low Russian export prices continue to be a limiting factor in the market, any increase in US demand due to smaller crops in Europe and the Black Sea region could trigger an extended short-covering rally by managed funds.

No new action is recommended for 2024 Chicago wheat. Considering the rally in wheat back in May, we recommended taking advantage of the elevated prices to make additional sales and buy upside July ’25 860 and 1020 calls (for their extended time frame) in case of a protracted rally. Our current strategy is to target 740 – 760 versus Sept ’24 to recommend further sales, while also targeting a selling price of about 73 cents in the 860 calls to achieve a net neutral cost on the remaining 1020 calls. The remaining 1020 calls would then continue to protect existing sales and give you confidence to make additional sales at higher prices.
No new action is recommended for 2025 Chicago wheat. Recently, we recommended taking advantage of the wheat rally to sell more of your anticipated 2025 SRW production. While we continue to recommend holding the remaining July ’25 620 puts—after advising to exit the first half back in July—to maintain downside coverage for any unsold bushels, we are targeting a 10-15% extension from our last sale to the 650–680 area in July ’25 to suggest making additional sales.
No action is currently recommended for 2026 Chicago Wheat. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted next year, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Above: The market’s strong close just above 595 resistance suggests there is potential for a rally toward 645. Should that happen, initial resistance could be encountered between 600 and 605. To the downside, initial support could be found near 560 and then the 50-day moving average, with further support near 514.

Action Plan: KC Wheat

Calls

Cash

Puts

KC Wheat Action Plan Summary

Since mid-July, the wheat market has mostly drifted sideways as the trade tries to balance smaller US and global wheat supplies against cheaper world export prices. During this period, a potential seasonal low was also marked on the front month continuous charts as managed funds maintained a sizable net short position in the wheat markets. While low Black Sea export prices and slow world demand continue to weigh on US prices, the funds’ short position could trigger an extended short covering rally on any increase in US demand as world wheat ending stocks are expected to fall yet again this year.

No new action is recommended for 2024 KC wheat. Considering the upside breakout in KC wheat back in May, we recommended buying upside July ’25 860 and 1020 calls (for their extended time frame) in case of a protracted rally. Our current strategy is to target 725 – 750 versus Sept ’24 to recommend further sales, while also targeting a selling price of about 71 cents on the 860 calls to achieve a net neutral cost on the remaining 1020 calls. The remaining 1020 calls would then continue to protect existing sales and give you confidence to make additional sales at higher prices.
No new action is currently recommended for 2025 KC Wheat. Earlier this summer we recommended exiting half of the previously recommended July ’25 620 puts once they reached 60 cents (double the original approximate cost) to realize gains in case the market rallies back, while still holding the remaining 620 puts at, or near, a net neutral cost for continued downside coverage on any unsold bushels. To that end, should the market continue to be weak, we are currently targeting the upper 400 range versus July ’25 to exit half of those remaining puts. Looking ahead, our current upside strategy is to target the 640 – 670 range, also in the July ’25, to recommend making additional sales.
No action is currently recommended for 2026 KC Wheat. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted next year, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Above: December KC wheat appears to have encountered resistance just below 600, a close above which could put the market in position to test the 605 – 610 resistance area. If the market turns lower, initial support remains near the 50-day moving average, with further support near the recent 527 ¼ low.

Action Plan: Mpls Wheat

Calls

Cash

Puts

Mpls Wheat Action Plan Summary

Since printing a near-term low in mid-July, Minneapolis wheat has trended mostly sideways as the market attempts to balance smaller US and world supplies versus lower world export prices and lower world demand. During this period, managed funds have maintained their sizable, short positions in Minneapolis wheat. Though low Russian export prices continue to keep a lid on US prices, smaller crops in Europe and the Black Sea region could increase US demand, potentially triggering an extended short-covering rally, especially as global wheat ending stocks are projected to decline again this year.

No new action is recommended for 2024 Minneapolis wheat. With the close below 712 support in June, Grain Market Insider implemented its Plan B stop strategy, recommending additional sales for the 2024 crop due to waning upside momentum and an increased likelihood of a downward trend. Given the heightened volatility and the amount of time that remains to market this crop, we will maintain the current July ’25 KC wheat 860 and 1020 call options. Our target is a selling price of about 71 cents for the 860 calls to achieve a net neutral cost on the remaining 1020 calls. These 1020 calls will continue to protect existing sales and provide confidence to make additional sales at higher prices. While we are at the time of year when market lows often occur, we will consider posting upside targets in late September or early October when market conditions often become more advantageous, and harvest is mostly behind us.
No new action is currently recommended for the 2025 Minneapolis wheat crop. Since the growing season can often yield some of the best sales opportunities, we recently made two separate sales recommendations to get some early sales on the books for next year’s crop. While we will not be targeting any specific areas to make additional sales until later in the marketing year, we will continue to monitor the market for opportunities to exit the remaining July ’25 KC 620 puts that were recommended in June. To that end, should the market continue to be weak, we are currently targeting the upper 400 range to exit half of those remaining puts.
No Action is currently recommended for the 2026 Minneapolis wheat crop. We currently aren’t considering any recommendations at this time for the 2026 crop that will be planted 2 years from now, and it may be some time before conditions are conducive to consider making any recommendations. Be patient as we monitor the markets for signs of improvement.

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

Above: The 617 – 637 resistance area appears to remain intact. A close above this area could put the market in position for a run toward 685, with potential resistance near the 100 and 200-day moving averages before that. To the downside, a break below the 50-day moving average could put the market at risk of sliding towards 560.

Other Charts / Weather

US 7-day precipitation forecast courtesy of NOAA, Weather Prediction Center.

Above: Brazil, N. Argentina 1 week forecast precipitation, percent of normal, courtesy of the National Weather Service, Climate Prediction Center.

Grain Market Highlights

Corn

Action Plan: Corn

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Corn Action Plan Summary

Market Notes: Corn

Soybeans

Action Plan: Soybeans

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Soybeans Action Plan Summary

Market Notes: Soybeans

Wheat

Market Notes: Wheat

Action Plan: Chicago Wheat

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Chicago Wheat Action Plan Summary

Action Plan: KC Wheat

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

KC Wheat Action Plan Summary

Action Plan: Mpls Wheat

Calls

2024

2025

2026

Cash

2024

2025

2026

Puts

2024

2025

2026

Mpls Wheat Action Plan Summary

Other Charts / Weather