All prices as of 2:00 pm Central Time

Corn
DEC ’24	413.5	11.75
MAR ’25	431.75	11.75
DEC ’25	450.75	8

Soybeans
NOV ’24	1039.25	27.25
JAN ’25	1056.75	27.25
NOV ’25	1079.75	19.5

Chicago Wheat
DEC ’24	582.5	14
MAR ’25	601.25	13.75
JUL ’25	617	13.25

K.C. Wheat
DEC ’24	577.25	13.25
MAR ’25	590.75	13.25
JUL ’25	603.75	13.5

Mpls Wheat
DEC ’24	619	11
MAR ’25	640.5	10.75
SEP ’25	664.5	10.25

S&P 500
DEC ’24	5773.25	11.25

Crude Oil
NOV ’24	70.34	-0.66

Gold
DEC ’24	2653.3	7.1

Grain Market Highlights

Fund short covering and corn export inspections that came in above expectations, helped push December corn prices to within pennies of the September high and post their highest close since late July.
The soybean complex closed with sharp gains across all three commodities. Short covering in soybeans, fueled by potentially lower-than-expected early yields, dry Brazilian weather, and support from meal and oil, drove November soybeans to their best close since early August.
Potential fund short covering was also the likely factor in today’s rally across the wheat complex in which all three classes closed within pennies of the day’s highs, fueled by increased global geo-political uncertainty.
To see the updated US 5-day precipitation forecast, 6 – 10 day Temperature and Precipitation Outlooks, 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 harvest of an expectedly large crop may 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 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

Buying strength, fueled by short covering, helped push the corn market to double-digit gains to start the week. The close today marks the highest close in December corn on the daily chart going back to July 25, a couple of months ago.
Corn futures are challenging resistance on the December chart. Today’s close is testing a multi-month long-term trendline for the December futures contract. Corn prices could see additional short covering and strength if this resistance level were to break.
Weekly export inspection for corn improved over last week. US exporters shipped 43.4 mb (1.103 mmt) of corn last week, up sharply from the week before. For the marketing year, total shipments are running 6% ahead of last year.
Corn harvest was 9% complete in last week’s Crop Progress report. Expectations are for a steady increase in harvest activity given the friendly weather for most of the week. A strong harvest pace could limit price rallies with hedging pressure on the corn market.

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).

Above: Corn Managed Money Funds net position as of Tuesday, September 17. Net position in Green versus price in Red. Managers net sold 2,680 contracts between September 11 – 17, bringing their total position to a net short 134,814 contracts.

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 sharply higher, breaking out of their recent trading range by a wide margin. November futures closed above the top of their Bollinger band but were unable to fill the gap left on the chart at 1045. Dry weather in Brazil, potentially lower US soybean yields, and fund buying of short positions provided support today. Both soybean meal and oil also finished higher.
Harvest has begun, and the Crop Progress report later today is expected to show the crop between 13% and 15% harvested. Some producers have reported over the weekend that yields may not be as large as expected following the 30-day period of hot and dry weather in August, so the USDA may need to adjust its soybean yield estimate lower.
In Brazil, conditions remain extremely dry, and just 0.5% of the crop has been planted which compares to the average pace of 1.5%. The country is expected to receive rain in the beginning of October.
This morning, the USDA reported private export sales totaling 165,000 metric tons of soybeans for delivery to unknown destinations during the 24/25 marketing year.
Today’s export inspections report showed soybean inspections at 17.8 mb for the week ending September 19 with total inspections for 24/25 at 45 mb, down 6% from this time last year. Inspections were within the range of trade estimates.
Friday’s CFTC report showed managed funds bought 8,186 soybean contracts as of Tuesday, September 17, reducing their net short position to 122,415 contracts – a decrease of just over 63,000 contracts since mid-July.

Above: November soybeans’ strong close above 1031 ¼ resistance suggests that prices could run toward the late July high between 1080 – 1085. Above there, further resistance could be met near the 100-day moving average. If prices retreat, downside support could still be found between the 50-day moving average and 995.

Above: Soybean Managed Money Funds net position as of Tuesday, September 17. Net position in Green versus price in Red. Money Managers net bought 8,186 contracts between September 11 – 17, bringing their total position to a net short 122,415 contracts.

Wheat

Market Notes: Wheat

Wheat closed with solid gains across the board. Fund short covering of grain contracts likely fueled today’s surge. Paris milling wheat futures were also up strongly, supporting US wheat prices. As the US heads into election season and with two wars ongoing worldwide, uncertainty looms over the marketplace. Additionally, news that Japan fired warning flares at Russian jets, which violated their airspace, has heightened global geopolitical tensions.
Weekly wheat export inspections at 26.1 mb bring total 24/25 inspections to 282 mb, which is up 36% from a year ago and running ahead of the USDA’s estimated pace. Total 24/25 exports are estimated at 825 mb, a 17% increase from the year prior.
Data from the CFTC indicated that as of Tuesday, September 17, funds were buyers of about 10,000 wheat contracts across all three classes of wheat. This brought their total net short position to 59,000 contracts, which is the smallest in about three months.
According to their agriculture ministry, Ukraine’s grain harvest has reached 31.9 mmt as of Friday, compared to 29.8 mmt at this time last year. Of that total, wheat made up the majority with 22.3 mmt collected, up slightly from last year’s 22.2 mmt.
Global issues in key wheat-growing regions have added to the bullishness. In Argentina, reports suggest that some farmers are abandoning wheat fields due to severe drought. Meanwhile, in the northern hemisphere, Coceral has lowered its estimate for EU and UK wheat production by 8.5 mmt, bringing the total to 126 mmt.

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: Since early September, prices have been mostly rangebound. Overhead, a close above 600 resistance could put prices on course to test the 640 – 645 area. Whereas a close below 560 could put the market at risk of trading down to the 50-day moving average with support near 544.

Above: Chicago Wheat Managed Money Funds net position as of Tuesday, September 17. Net position in Green versus price in Red. Money Managers net bought 4,364 contracts between September 11 – 17, bringing their total position to a net short 25,033 contracts.

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 found support right near the 50-day moving average and reversed back higher. Overhead, resistance remains near the 100 and 200-day moving averages near the recent 604 ¼ high. A close above there could put the market on track towards 637, whereas a close below 561 ¼ could put the market at risk of sliding towards the 527 ¼ low.

Above: KC Wheat Managed Money Funds net position as of Tuesday, September 17. Net position in Green versus price in Red. Money Managers net bought 1,024 contracts between September 11 – 17, bringing their total position to a net short 17,486 contracts.

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: Since early September, December Minneapolis wheat has been largely rangebound between support near the 50-day moving average and resistance near 637. A breakout to the upside could put the market in position to rally toward 685, with potential resistance around the 100 and 200-day moving averages. To the downside, a break below the 50-day moving average could put the market at risk of sliding towards 560.

Above: Minneapolis Wheat Managed Money Funds net position as of Tuesday, September 17. Net position in Green versus price in Red. Money Managers net bought 5,165 contracts between September 11 – 17, bringing their total position to a net short 16,542 contracts.

Other Charts / Weather

Above: US 5-day precipitation forecast courtesy of NOAA, Weather Prediction Center.

Above: Brazil 2-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

Above: 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