All prices as of 2:00 pm Central Time

Corn
DEC ’24	409.25	8.25
MAR ’25	427.25	8.25
DEC ’25	445	6.25

Soybeans
NOV ’24	1012	12
JAN ’25	1029.5	12.5
NOV ’25	1057	9.75

Chicago Wheat
DEC ’24	566.75	15.25
MAR ’25	586.25	14
JUL ’25	603.5	13.75

K.C. Wheat
DEC ’24	576.25	11
MAR ’25	589.75	12
JUL ’25	600.5	12.75

Mpls Wheat
DEC ’24	607.25	6.75
MAR ’25	628.75	7
SEP ’25	656.5	6.25

S&P 500
DEC ’24	5615	-107.5

Crude Oil
NOV ’24	69.51	-3.14

Gold
DEC ’24	2518.6	-9

Grain Market Highlights

The corn market rebounded from overnight lows as buyers stepped up on solid export inspections data and an improved technical picture, covering short positions and pressing December corn to a fresh five-week high close following last week’s bullish weekly reversal.
Better than expected soybean export inspections and another flash export sale totaling 4.8 mb of new crop soybeans to China brought the buyers back to the soybean market to close the market higher on the day, following a lower open. 2% gains in soybean meal also lent support to the beans, while bean oil closed sharply lower, though well off its lows, in sympathy with sharply lower canola and crude oil.
The wheat complex reversed overnight losses shortly after the markets’ reopening for the day session as buyers stepped on strong export inspections and higher Matif wheat, with carryover support from corn and soybeans. As concerns reverberated through the outside markets, a risk off mentality could have lent further support with managed funds carrying sizable, short positions across the grain room.
To see the updated US 5-day precipitation forecast, 6 – 10 day Temperature and Precipitation Outlooks, and US Monthly Drought Outlook, courtesy of NOAA, and the Weather Prediction Center, scroll down to the other Charts/Weather section.

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Corn

Action Plan: Corn

Calls

Cash

Puts

Corn Action Plan Summary

Farmer selling of old crop bushels ahead of the upcoming harvest has kept pressure on corn futures over the last month. Nearly ideal weather conditions for most during the months of July and August have only added more pressure. The corn market’s ability to close higher following a record yield estimate of 183.1 bpa by the USDA is a good sign showing corn buyers are finding value at these multi-year low levels. Any unexpected downward shift in anticipated supply or increase in demand could trigger managed funds to cover some of their extensive short positions and rally prices, however, an extended rally is unlikely before combines start rolling.

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

Short covering and improved export demand may have helped corn prices push higher for the 3rd straight session. December corn futures closed at its highest level since July 29, as the market posted a 24-cent rally off the most recent 385 low.
The corn market saw good follow-through buying after last week’s improved technical picture. The December contract posted a double bottom at 385 and completed a weekly reversal in last week’s trade. The rally could be limited by weakening basis, farmer selling, and higher prices acting as a cap on demand.
The USDA released weekly export inspections during the session this morning. Last week, US exporters shipped 38 mb (965,000 mt). This brings total inspections in 23/24 to 2.049 bb, up 40% YOY. The USDA was targeting a 34% increase, as late season demand has helped push this total.
Export sales for corn have improved over the past couple of weeks as lower prices have stimulated some demand. Current accumulated sales for the 24/25 marketing year have caught up with the projected export sales pace. New crop sales at a cumulative 9.4 mmt, as of August 22 covered 16.1% of USDA’s 24/25 export forecast, which is a three-year high for the date.

Above: Since mid-August prices have largely been rangebound between 400 and 390. A close above the 400 – 414 resistance area could set prices up to rally toward the 430 area. Should they break and close below 385 support, they may be at risk of sliding towards the 372 support level.

Above: Corn Managed Money Funds net position as of Tuesday, August 27. Net position in Green versus price in Red. Managers net bought 15,998 contracts between August 21 – 27, bringing their total position to a net short 241,908 contracts.

Soybeans

Action Plan: Soybeans

Calls

Cash

Puts

Soybeans Action Plan Summary

Since late May, the soybean market has stair-stepped its way lower on sluggish new crop demand, good growing weather, and the prospect of a large upcoming crop, while weather forecasts remain mostly favorable to the crop, and the trade may be factoring in higher yield estimates. The USDA pegging US soybean yield at a record with a million harvested acre jump on the August WASDE broke the market even further. The funds have yet to see a reason to cover some of their extensive short positions ahead of the quickly approaching 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 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 ended the day higher after a day of tumultuous trade which saw prices down as much as 5 cents and up as much as 24 cents in the November contract. The catalyst for today’s move was likely weather driven as the most recent forecasts are showing dry weather for the next two weeks with temperatures on the cooler side which could cause soybeans to start maturing early.
Soybean meal ended the day significantly higher, while soybean oil took the opposite stance under pressure from Canadian canola oil. In retaliation to tariffs on Chinese electric vehicles, China opened an anti-dumping investigation against Canadian canola. Crude oil was sharply lower today as well, after Saudi Arabia was rumored to be offering oil to China at a cheaper price.
In more supportive news, the USDA reported private export sales this morning totaling 4.8 mb (132,000 mt) of soybeans for delivery to China during the 24/25 marketing year. China has increased their purchases of US soybeans recently which has confirmed some of the trade rumors.
Friday’s CFTC report showed funds as buyers of soybeans as of August 27, as they bought back 6,207 contracts leaving them short 176,551 contracts which is close to their record short.

Above: The recent rally has brought November soybeans into the 1005 – 1040 resistance area. A close above this range could set the market up for a rally toward the July high of 1082 ¼. To the downside, a break below 950 puts the market at risk of sliding down to the 915 – 900 support area.

Above: Soybean Managed Money Funds net position as of Tuesday, August 27. Net position in Green versus price in Red. Money Managers net bought 6,207 contracts between August 21 – 27, bringing their total position to a net short 176,551 contracts.

Wheat

Market Notes: Wheat

Wheat closed higher in all three US classes. Support came from higher corn and soybeans, as well as a mostly higher close for Paris milling wheat futures. With the exception of the front month September contract, Paris milling wheat futures averted losses for the sixth consecutive session. There is also supportive news that SovEcon decreased their estimate of Russian wheat production by 0.8 mmt to 82.5 mmt, compared to the USDA at 83 mmt.
Weekly wheat inspections at 21.2 mb bring total 24/25 inspections to 211 mb, which is up 32% from last year. Exports are estimated at 825 mb, up 17% from last year, and inspections are running above the USDA’s estimated pace.
There was talk that large managed funds today may have been selling stock positions, while buying commodities. This could help explain today’s action in the grain markets, with sharply higher closes in corn, soybeans, and wheat. At the time of writing, the stock market is sharply lower with the Dow down over 550 points, the NASDAQ down nearly 600 points, and the S&P 500 down over 100 points.
ABARES, which is Australia’s ag bureau, increased their projection of the Australian wheat crop by 2.7 mmt to 31.8 mmt. This would be 6 mmt above last year’s production and above the USDA’s estimate of 30 mmt.
Ukraine’s grain exports have reportedly reached 7 mmt since the season began on June 1. This represents a 63% increase from 4.3 mmt last year. Of that total, wheat exports were 3.6 mmt, which is up 89% year on year. Additionally, Ukraine has reportedly resumed agreements with traders, setting a target of 16.2 mmt for wheat exports in the 24/25 season.

Action Plan: Chicago Wheat

Calls

Cash

Sell JUL ’25 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 exert pressure on the market, any increase in US demand due to smaller crops in Europe and the Black Sea region could trigger a short-covering rally by managed funds.

No new action is recommended for 2024 Chicago wheat. Considering the recent rally in wheat, 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 and to target 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.
Grain Market Insider recommends selling another portion of your 2025 SRW wheat crop. Since posting the recent low, July ’25 Chicago wheat prices have rallied about 40 cents and have entered the congestion and resistance area from early July. Considering there may be significant resistance overhead in this area, we recommend taking advantage of this rally to make an additional sale on a portion of your anticipated 2025 soft red winter wheat crop, using either July ’25 Chicago wheat futures, or a July ’25 HTA contract, so basis can be set at a more advantageous time later on.
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 close above the 50-day moving average set it up for a potential challenge of the 560 – 570 resistance area, and a rally towards 590 – 595. Should prices reverse and close back below the 50-day moving average, they could again find support near 514, with further support around 500 and 488.

Above: Chicago Wheat Managed Money Funds net position as of Tuesday, August 27. Net position in Green versus price in Red. Money Managers net sold 3,217 contracts between August 21 – 27, bringing their total position to a net short 56,202 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 and oversold conditions could culminate in a 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 recent upside breakout in KC wheat, 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 and to target 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. We recently 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. Looking ahead, our strategy is to target the 640 – 670 range 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: The market appears to have found support near the 530 area in the December contract. Should this area hold and prices turn higher, overhead resistance could still be found between 573 and 580. A close below 527 could lead to a further slide towards 470.

Above: KC Wheat Managed Money Funds net position as of Tuesday, August 27. Net position in Green versus price in Red. Money Managers net bought 3,317 contracts between August 21 – 27, bringing their total position to a net short 32,002 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 a 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 recent close below the 712 support level, 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.
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: December Minneapolis wheat appears to have found support near 560. Should prices continue higher, they could encounter resistance in the 617 – 637 area. To the downside, a break below 560 could put the market at risk of a further decline towards support around 540.

Above: Minneapolis Wheat Managed Money Funds net position as of Tuesday, August 27. Net position in Green versus price in Red. Money Managers net sold 1,602 contracts between August 21 – 27, bringing their total position to a net short 26,248 contracts.

Other Charts / Weather

5-day precipitation forecast courtesy of NOAA, Weather 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