All prices as of 2:00 pm Central Time

Corn
DEC ’24	405.75	-7
MAR ’25	424.25	-6.5
DEC ’25	445.75	-4

Soybeans
NOV ’24	1013.25	-0.75
JAN ’25	1031.25	-0.75
NOV ’25	1063	-0.5

Chicago Wheat
DEC ’24	565.5	-10.25
MAR ’25	585	-10.25
JUL ’25	602	-10.25

K.C. Wheat
DEC ’24	564.5	-14
MAR ’25	578.25	-13.5
JUL ’25	591	-13

Mpls Wheat
DEC ’24	607.75	-8.75
MAR ’25	629.75	-8.25
SEP ’25	656	-5

S&P 500
DEC ’24	5786	106

Crude Oil
NOV ’24	71.08	1.2

Gold
DEC ’24	2614	15.4

Grain Market Highlights

Bolstered by weakness in the wheat market and the failure to push through upside resistance yesterday, sellers took control in the corn market, erasing the gains made since last Friday.
Despite strong export sales that were well above expectations, the soybean market closed mid-range and fractionally lower across the board after trading on both sides of unchanged through the day. Soybean meal settled near unchanged and mixed, while bean oil extended its rally on exceptional old crop export sales.
Even though drought worsened in the US winter wheat areas, poor export sales and the apparent easing of tensions in the Black Sea region kept sellers active in the wheat market, with all three classes closing near the day’s lows.
To see the updated US Drought Monitor, Monthly Temperature and Precipitation Outlooks for October, and 2-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 purchasing Dec ’24 470 and 510 calls after Dec ’24 closed below 451, due to their relative value and the typically high market volatility during that time of year. Although we no longer have an upside objective for additional sales for now, we continue to target a value of 29 cents to exit the Dec ’24 470 calls. Exiting at this level will allow you to lock in gains that offset much of the original position’s cost, while holding the remaining 510 calls at or near a net-neutral cost. This strategy should continue to protect existing sales and provide confidence for further sales during an extended rally. Since harvest time is not an advantageous sales window, we will begin evaluating market conditions once it concludes and target areas for additional sales recommendations in late fall or early winter.
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

Selling in the wheat market pressured corn prices lower during the session. Charts have turned more negative technically as prices failed to push through the most recent high of 416 on September 6, as the momentum to the upside looks to have faded in the past couple sessions.
The USDA reported weekly export sales this morning. USDA posted new net sales of 33.36 mb (847,400 mt) for 24/25. This total was in line with expectations and above last week’s 666,500 mt. China continues to be absent from the US corn export market. The last reported flash sale of corn to China was on April 14, 2023.
Roughly 26% of US corn acres are in drought, which has increased as forecasts have remained warm and dry over the past couple of weeks. The dry weather may have reduced some of the top end of the crop that was late planted but has also allowed harvest to ramp up, triggering some hedging pressure in the market.
Brazilian dry weather has brought some premium into US grain markets, but forecast models look to be turning wetter as the calendar moves into October. The return of rainfall will speed the planting pace for both soybeans and first crop corn. Estimates have the first crop of Brazilian corn at 19% planted, just below multi-year averages.

Above: Since posting a bearish reversal on September 6, November soybeans have been rangebound. If prices break initial support around 995, they could trade back towards 940. Otherwise, a close above 1031 ¼ could suggest a continuation towards 1080 – 1085.(pink).

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

Since early September, the soybean market has traded mostly sideways after a late August rally, as weather conditions turned dry during the later development stages of the crop. While the USDA projects record soybean yields for this season, the warm and dry finish to the growing season may have reduced final yields from earlier projections. Although export sales have increased in recent weeks, the current sales pace remains the slowest since 2019, which may still weigh on prices. Any pickup in demand or a decrease in this year’s projected supply could rally prices, especially post-harvest.

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 uncertainty surrounding the 2024 soybean crop, aiming to give you the confidence to make sales and protect those sales during an extended rally. Since the market has retreated since that time, we continue to target the 1040–1070 range versus Nov ’24 futures to exit one-third of the 1280 calls in order 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. While we typically avoid recommending sales at this time of year, our Plan A strategy is to make additional sales recommendations should the market rally significantly toward the 1090 – 1120 area in the Nov ’24 contract.
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 ended the day slightly lower after trading on either side of unchanged throughout the day. Initially, strong export sales were supportive of soybeans, but corn and wheat faded into the day and brought soybeans down with them. The stock market was sharply higher today following yesterday’s Fed announcement to cut interest rates by 50 points which may have seen money flowing out of grains and into stocks.
Soybean meal was mixed to end the day with the front months higher and deferred months lower, while soybean oil got a boost from strong export sales and followed crude oil and other veg oils higher. Last week, top exporter of soybean meal, Argentina, purchased over 88,000 mt of soybeans from the US for the first time since 2019, but in today’s export sales report, it was revealed that the sale was cancelled. US soybeans remain cheaper than those in Brazil which makes the cancellation interesting.
Today’s export sales report saw an increase of a whopping 64.2 mb of soybean sales for 24/25 and 0.3 mb for 25/26. This was well above the average trade estimate and was also above the top end of trade estimates. Last week’s export shipments of 16.4 mb were below the 36.0 mb needed each week to meet the USDA’s estimates. Primary destinations were to Mexico, China, and Indonesia.
In South America, conditions have been very dry, especially in Brazil, and key growing areas such as Mato Grosso are forecast to have at least 10 more days without rain. Chances of rain improve for early October, but if the rain does not materialize, it could be friendly to soybean prices.

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

Wheat led the grain complex lower today with double-digit losses for both Chicago and Kansas City futures. It appears that the situation between Russia and Ukraine has somewhat cooled off after a Russian missile hit a Ukrainian vessel last week. With the easing of tensions there, and a lack of fresh friendly news, the wheat market seems to have run out of steam.
The USDA reported an increase of 9.0 mb of wheat export sales for 24/25 as well as an increase of 0.4 mb for 25/26. Shipments last week at 23.6 mb far exceeded the 15.8 mb pace needed per week to reach the USDA’s export goal of 825 mb. Additionally, sales commitments have reached 405 mb which are up 28% from last year.
Drought continues to worsen in winter wheat areas. According to the USDA, as of September 17, about 58% of US wheat acres were experiencing drought. This is up 1% from last week, however some relief may be on the way. The US central and southern Plains are expected to continue to receive isolated showers over the next few days and into early next week. The Midwest is also anticipated to see scattered rains through Sunday.
December Chicago daily wheat charts have the 21, 40, and 50-day moving averages all converged around the 560 area. This may be an important support level, but if violated, could mean that wheat has more downside ahead. Currently, technical indicators including the RSI and stochastics both show downward momentum.
On a bullish note, the International Grains Council is reported to have decreased their world wheat production estimate by 1 mmt, now seen at 798 mmt. For reference, the USDA used a figure of 797 mmt in their September estimate.
According to FranceAgriMer, their estimate of French soft wheat exports for 24/25 are now projected at 10.1 mmt. This is a drop from the July estimate of 14.1 mmt. Stockpiles were also cut to 2.74 mmt versus 3.04 mmt in July. Reportedly, the reason for the decline is due to fewer sales outside the EU bloc.

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 Dec ’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: December Chicago wheat shows signs of being overbought and combined with the apparent rejection of the 600 area, suggests prices could drift toward the 560 support area. If this support holds and prices rebound, resistance overhead remains in the 600–605 area. Below 560, additional support may be found near the 50-day moving average.

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 Dec ’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, we are currently targeting the upper 400 range versus July ’25 to exit half of those remaining puts. Meanwhile, 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 near the 100 and 200-day moving averages, a close above which could put the market on track towards 637, a 50% retracement to the May 28 high. 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 made two separate sales recommendations in July 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, we are currently targeting the upper 400 range versus July ’25 KC 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

Above: Brazil and N. Argentina 2-week forecast total precipitation 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