All prices as of 2:00 pm Central Time

Corn
DEC ’24	407.25	1
MAR ’25	426	1.5
DEC ’25	445	0.25

Soybeans
NOV ’24	1018	13
JAN ’25	1035.5	13
NOV ’25	1063	12.25

Chicago Wheat
DEC ’24	568.5	1.5
MAR ’25	587.5	1
JUL ’25	604.25	1.25

K.C. Wheat
DEC ’24	575.75	-1.75
MAR ’25	589	-1.75
JUL ’25	599.75	-1.5

Mpls Wheat
DEC ’24	606.75	-7
MAR ’25	628.5	-6.25
SEP ’25	652.75	-6.5

S&P 500
DEC ’24	5518.75	41.75

Crude Oil
NOV ’24	67.89	0.91

Gold
DEC ’24	2531.8	7.2

Grain Market Highlights

Support from neighboring soybeans and outside markets helped the corn market fend off lower prices following Friday’s weakness, as traders monitor the maturing US crop and the warm, dry conditions in South America.
With warm weather pushing soybeans toward maturity and another flash sale of 132,000 mt sold to China, the soybean market was able to overcome Friday’s weakness and close in positive territory to begin the week. While meal settled mostly higher and bean oil closed sharply higher, December Board crush margins lost 2 ¼ cents, though still remained strong at 142 ¼ cents.
The wheat complex posted a mixed close with the Chicago wheat contracts showing the most strength, while the Minneapolis contracts were pressured by a Stats Canada report showing sharply higher Canadian wheat stocks. KC futures failed to find support with Chicago and closed mid-range with minor losses.
To see the updated US 5-day precipitation anomaly forecast, and 6 – 10 day Temperature and Precipitation Outlooks, courtesy of NOAA, 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

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

Strength in the soybean market and outside markets help support the corn market to start the week. Prices were looking for direction after last Friday’s difficult close but found price consolidation.
The USDA released weekly export inspections during the session on Monday. Last week, US exporters shipped 32.9 mb (836,000 mt) of corn on the export market. This was down from last week’s totals. Even though we are only 2 weeks into the marketing year, export inspections for 24/25 are running 24% behind the start of last year.
Brazil is starting planting of the 24/25 first crop of corn. Estimates are that 15% of the crop is planted, but concerns regarding dry weather may limit that number going forward.
The USDA will release crop ratings this afternoon. For corn, weather is not a major concern of the market with harvest around the corner, but the market will be watching maturity ratings. Harvest is expected to be 4% complete, as early harvest in southern states is picking up.
The market may stay choppy this week looking towards Thursday’s USDA Crop Production report. The report will provide the market with its next snapshot of USDA projections for crop size and representative demand targets.

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, September 3. Net position in Green versus price in Red. Managers net bought 65,697 contracts between August 28 – September 3, bringing their total position to a net short 176,211 contracts.

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 ended the day higher taking back a good chunk of Friday’s losses. Dry weather in the US has been supportive along with concerns over a dry Brazilian forecast that could delay planting. A flash sale was reported this morning and export sales have strengthened recently which could account for the 63-cent rally off the lows in the November contract.
This morning, the USDA reported private export sales totaling 132,000 metric tons of soybeans for delivery to China during the 24/25 marketing year. This follows multiple sales reported last week to China and confirmed some rumors floating around that China was looking to make large purchases of US soybeans.
Although it’s early to focus on Brazilian weather, the country has experienced very dry conditions, preventing many areas from starting early planting. With soil moisture already low, seeds planted in extremely dry conditions without rain in the forecast face significant risk. If the dry weather continues and planting is delayed further, a larger rally in soybean prices could follow.
Today’s export inspections report saw soybean inspections total 13 mb, which was on the lower end of trade estimates and put total inspections down 30% from the previous year for 23/24. The USDA is estimating soybean exports at 1.850 bb for 24/25, which would be up 9% from the previous year.

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, September 3. Net position in Green versus price in Red. Money Managers net bought 22,455 contracts between August 28 – September 3, bringing their total position to a net short 154,096 contracts.

Wheat

Market Notes: Wheat

Chicago wheat futures overcame early weakness to close with small gains. However, Kansas City and Minneapolis futures were unable to follow suit, with both posting losses. Matif wheat futures also closed slightly lower, adding additional pressure. Minneapolis futures, in particular, reacted negatively to Stats Canada’s all-wheat ending stocks report, which came in at 4.6 mmt for 23/24, well above last month’s USDA estimate of only 1.8 mmt.
A general lack of fresh news has not provided much excitement in the marketplace for wheat. However, it is likely that the Federal Reserve will issue a rate cut next week that would pressure the US Dollar and be supportive to wheat.
Weekly wheat inspections at 21.6 mb bring the 24/25 total inspections to 233 mb, which is up 34% from a year ago and inspections are running above the USDA’s estimated pace. Additionally, 24/25 exports are estimated at 825 mb, 17% above the previous year.
According to IKAR, Russian wheat prices declined $1 from last week to $215 per mt. There is some conflicting information, however, as SovEcon reports increases to between $218 and $221 per mt. Either way, this remains cheap to global importers and continues to limit upside potential for wheat prices.
According to StoneX, Brazil’s 24/25 wheat crop is estimated at 8.09 mmt, which is a 4% decline from their previous estimate. However, they also raised their Brazil wheat export forecast from 1.76 to 2.15 mmt.
Egypt’s supply minister has reportedly said that their tender for 3.8 mmt of wheat is still valid and they plan to import that amount. Previously they purchased around 300,000 mt of wheat, so they are still looking for 3.5 mmt to fulfill the remainder.

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 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 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 sees a continued opportunity to sell another portion of your 2025 SRW wheat crop. Since posting the recent low, July ’25 Chicago wheat prices have rallied about 50 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, September 3. Net position in Green versus price in Red. Money Managers net bought 13,578 contracts between August 28 – September 3, bringing their total position to a net short 42,624 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 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: December KC wheat appears to have encountered resistance just below 600, 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.

Above: KC Wheat Managed Money Funds net position as of Tuesday, September 3. Net position in Green versus price in Red. Money Managers net bought 4,765 contracts between August 28 – September 3, bringing their total position to a net short 27,237 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 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: 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.

Above: Minneapolis Wheat Managed Money Funds net position as of Tuesday, September 3 Net position in Green versus price in Red. Money Managers net bought 1,300 contracts between August 28 – September 3, bringing their total position to a net short 24,948 contracts.

Other Charts / Weather

Above: US 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