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12-13 End of Day: Markets Close in the Red Across the Board

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • March corn closed mid-range and lower for the third consecutive day as producer selling and concerns over potentially slowing demand kept buyers on the sidelines.

  • Despite a fresh flash sale, soybeans ended the week on a sour note, closing near the lower end of the week’s range, as the potential for a large South American crop continues to weigh on the market.

  • Losses in corn and soybeans spilled over into the wheat complex, compounding negativity from rising crop projections for both Argentina’s and Australia’s wheat harvests.

  • To see the updated US and South American precipitation forecasts, 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

Corn Action Plan Summary

2024 Crop:

  • Grain Market Insider sees an opportunity to make catch-up sales on a portion of your 2024 corn crop. The corn market is trading around the 450 area in the March ’24 contract. If you missed previous sales recommendations, this level offers a good opportunity to catch up on sales, especially with potential heavy resistance just overhead near the 200-day moving average. Additionally, making a sale now could help meet any capital needs for your operation.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Corn futures ended the week on a three-day losing streak, pressured by producer selling and concerns over softening demand. The most active March futures finished the week 2 cents higher but were down 9 ¼ cents from the week’s highs.

  • Price action this week was challenging for corn bulls, as a friendly USDA report with a larger-than-expected drop in carryout and a strong demand shift only resulted in small weekly gains.

  • Selling pressure across grain markets weighed on corn Friday, with aggressive wheat and soybean selling keeping buyers sidelined. Weak export sales and the strong US dollar continue to reduce US grain competitiveness.

  • Flash export sales of corn remain quiet, with the last USDA announcement (excluding a November 25 sale to Mexico) on November 13. Higher prices and a strong dollar have curbed export activity over the past month.

  • South American weather remains pivotal for grain markets in 2025. Minimal weather issues so far have kept significant weather premium out of the corn and soybean markets, with strong South American production expected.

Above: Front-month corn hit resistance in the 450 area and reversed. Initial support may come in near 442, with more significant support around 425. A rally with a close above 452 ¼ could set the market up to test 465.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • We are in the time frame when seasonal opportunities typically improve due to the South American growing season.

  • Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1100 – 1110 area versus Jan ‘24 to make additional sales against your 2024 crop.

  • For those with capital needs, consider making these sales into price strength.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov ’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans ended the day lower and, while still within the week’s trading range, are now near the lower end. Both soybean meal and oil also closed lower, with meal posting more significant losses.

  • For the week, January soybeans lost 5 ½ cents within a relatively tight range. Nov ‘25 soybeans gained 1 ¼ cents, January soybean meal dropped $1.20, and January soybean oil fell 0.36 cents. Overall, it was a quiet week of trade with little fresh news to drive a trend.

  • This morning, the USDA reported a flash sale of 200,000 mt of soybeans for delivery to unknown destinations for 24/25. While encouraging, the market reaction was muted following yesterday’s poor export sales numbers.

  • Yesterday, CONAB released revised estimates for corn and soybean production. Soybean production was raised slightly to 166.21 mmt from 166.14 mmt, increasing soybean ending stocks marginally.

Above: The soybean market continues to grind sideways to higher, with support at 975, moving average resistance near 1000, and heavier resistance in the 1007–1013 range. A close below 975 could trigger a slide toward 940, while a close above 1013 may set up a retest of 1045.

Wheat

Market Notes: Wheat

  • Wheat posted losses across the board again today, pressured by corn and soybeans drifting lower. March Chicago closed below its 21-day moving average, while Kansas City and Minneapolis March futures held above theirs.

  • Argentina’s wheat harvest advanced 16% to 64% complete, with production estimated at 18.6 mmt, above the USDA’s 17.5 mmt and last year’s 15.1 mmt, according to the BAGE.

  • China’s statistics bureau stated that their grain production reached a record 706.5 mmt in 2024, up 1.6% from last year. Wheat production is forecast at 140.1 mmt, aligning with USDA estimates.

  • Western Australia’s wheat harvest is wrapping up, with estimates raised to 10.83 mmt, its third-largest on record and up from November’s 10.33 mmt forecast.

  • Russia reduced its wheat export tax by 15% to 4,136.50 Rubles/mt until Dec. 24. Meanwhile, shipments to Syria have been halted over payment concerns linked to its new government.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Above: Front-month Chicago wheat remains rangebound between 540 and 577. A close above the 577–586 resistance area could set up a retest of 617, while a close below 536 might lead to a slide toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Above: March KC wheat reversed after hitting resistance near 567 and may be on track to retest the 536 area. If a bullish trigger turns prices higher, a close above 571 ½ could retest the 577 area before targeting the 590–595 region.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: March Minneapolis wheat is rangebound between 585 and 613. A close above 613 could trigger a rally toward 655, with resistance at 624 and 637. A close below 585 may lead to a decline toward 568.

Other Charts / Weather

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

Above: Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

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

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12-12 End of Day: Corn and Wheat Slip, While Beans Close Mixed

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • The corn market slid lower and closed just above session lows on weak export sales and technical selling after failing to trade through resistance in Wednesday’s session.

  • Despite poor export sales, the soybean market managed to settle fractionally mixed after rebounding off session lows, as it continues to trudge along in a sideways to upward trend. Soybean oil closed higher, while meal drifted lower.

  • The wheat complex reversed its trend of multiple higher closes, with all three classes closing toward session lows as they were weighed down by lower Matif wheat, a stronger US dollar, and weaker corn.

  • To see the updated US Drought Monitor and South American GRACE-based Drought Indicator, 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

Corn Action Plan Summary

2024 Crop:

  • Grain Market Insider sees an opportunity to make catch-up sales on a portion of your 2024 corn crop. The corn market is trading around the 450 area in the March ’24 contract. If you missed previous sales recommendations, this level offers a good opportunity to catch up on sales, especially with potential heavy resistance just overhead near the 200-day moving average. Additionally, making a sale now could help meet any capital needs for your operation.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Corn futures extended losses after Wednesday’s reversal, pressured by weak overnight trade and disappointing weekly export sales.

  • Weekly US corn export sales totaled 946,400 mt (37.3 mb) for the week ending December 5, down 45% from last week and 32% from the 4-week average. Colombia was the top buyer, with total sales 29% ahead of last year.

  • CONAB projected Brazil’s 24/25 corn crop at 119.6 mmt, down 200,000 mt from November but still a record if realized.

  • Higher US corn prices and a stronger dollar have boosted the competitiveness of Brazilian, Argentinian, and Ukrainian corn, limiting US export demand. Flash sales have been sparse since mid-November, reflecting increased global competition.

  • Narrow corn spreads widened on Thursday, with deferred contracts (May, July, and September) needing strength to incentivize producers to hold grain into the second half of the marketing year.

Above: Front-month corn hit resistance in the 450 area and reversed. Initial support may come in near 442, with more significant support around 425. A rally with a close above 452 ¼ could set the market up to test 465.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • We are in the time frame when seasonal opportunities typically improve due to the South American growing season.

  • Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1100 – 1110 area versus Jan ‘24 to make additional sales against your 2024 crop.

  • For those with capital needs, consider making these sales into price strength.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov ’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans closed slightly higher despite weak export sales and have traded within a tight, minor upward range over the past month. Soybean meal fell, while soybean oil gained.

  • Private exporters reported 334,000 mt of soybean sales to unknown destinations for 24/25, but flash sales have slowed as Brazilian offers grow more competitive.

  • Weekly export sales totaled 43.1 mb for 24/25, below trade expectations, while shipments of 68.3 mb exceeded the 26.7 mb weekly pace needed to meet USDA estimates. Key destinations included China, Spain, and Mexico.

  • Strong exports have kept soybean prices above $10, while anticipation of a large South American crop has capped gains. Prices may shift with a drop in USDA’s US production estimates or on any Brazilian weather issues.

Above: The soybean market continues to grind sideways to higher, with support at 975, moving average resistance near 1000, and heavier resistance in the 1007–1013 range. A close below 975 could trigger a slide toward 940, while a close above 1013 may set up a retest of 1045.

Wheat

Market Notes: Wheat

  • Wheat closed lower across all classes, pressured by weaker Paris milling wheat, a stronger US dollar, and spillover from corn.

  • Weekly wheat export sales rose 10.7 mb for 24/25, but shipments of 7.3 mb fell short of the 17.2 mb weekly pace needed to meet the USDA’s 850 mb export target. Commitments total 582 mb, up 9% from last year.

  • CONAB trimmed Brazil’s wheat production estimate from 8.11 mmt to 8.06 mmt, aligning with the USDA. Meanwhile, the Rosario Grain Exchange raised Argentina’s estimate to 19.3 mmt, above the USDA’s 17.5 mmt, citing better-than-expected yields.

  • India halved wheat stockpile limits for traders and retailers, aiming to control prices and ensure availability. Limits dropped to 1,000 tons for traders and 5 tons for retailers, effective through March.

  • High export demand may push Ukraine’s wheat prices $20-$25 per tonne from December to January. Contracts for December reached 1.1 mmt, with 9.13 mmt already exported this season toward a 16.2 mmt limit.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Above: Front-month Chicago wheat remains rangebound between 540 and 577. A close above the 577–586 resistance area could set up a retest of 617, while a close below 536 might lead to a slide toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Above: March KC wheat reversed after hitting resistance near 567 and may be on track to retest the 536 area. If a bullish trigger turns prices higher, a close above 571 ½ could retest the 577 area before targeting the 590–595 region.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: March Minneapolis wheat is rangebound between 585 and 613. A close above 613 could trigger a rally toward 655, with resistance at 624 and 637. A close below 585 may lead to a decline toward 568.

Other Charts / Weather

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12-11 End of Day: Markets Close Mostly Firm, With Nearby Corn Weaker

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • The corn market ran out of gas as it hit technical resistance near 451 in the March contract, where producer selling likely outweighed the buying support.

  • January soybeans failed to hold gains over the $10 mark and closed mid-range as bear spreading weighed on the front month contracts while keeping the deferreds supported.

  • Higher Matif wheat and the prospect of Russian farmers switching upwards of 2.5 million acres from wheat to oilseeds kept the wheat complex supported despite a rising US dollar.

  • To see the updated South American precipitation forecasts, 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

Corn Action Plan Summary

2024 Crop:

  • Grain Market Insider sees an opportunity to make catch-up sales on a portion of your 2024 corn crop. The corn market is trading around the 450 area in the March ’24 contract. If you missed previous sales recommendations, this level offers a good opportunity to catch up on sales, especially with potential heavy resistance just overhead near the 200-day moving average. Additionally, making a sale now could help meet any capital needs for your operation.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Corn’s four-day rally ended as producer selling and technical resistance near 451 stalled front-end buying strength following Tuesday’s bullish USDA report.

  • March corn futures stalled around 451, near the 200-day moving average, where buying support faded and producer selling likely capped gains.

  • Higher US corn prices and a stronger dollar have made Brazilian, Argentinian, and Ukrainian corn more competitive, potentially limiting US export demand and upward price momentum.

  • Narrow corn spreads, reflecting strong short-term demand, saw reversal action. Deferred contracts (May, July, and September) may need to strengthen to encourage producers to hold bushels for the second half of the marketing year.

  • The stronger corn prices and dollar may boost Safrinha corn planting in Brazil this summer, with forecasts now suggesting year-over-year growth in planted areas despite earlier expectations of a reduction.

Above: Front-month corn broke through 442 resistance and could be on its way to testing the 465 June high. If prices happen to retreat, initial support may be found near 442 with additional near 50-day moving average, around 425.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • We are in the time frame when seasonal opportunities typically improve due to the South American growing season.

  • Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1100 – 1110 area versus Jan ‘24 to make additional sales against your 2024 crop.

  • For those with capital needs, consider making these sales into price strength.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov ’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans posted a small gain for the second day, staying in a tight range despite losses in soybean meal and oil, with May meal the only soy product to close higher.

  • Rumors suggest China purchased a few US soybean cargoes for January and February from the PNW, with US soybeans competitive against Brazil for January shipments.

  • The USDA report was uneventful for soybeans, leaving US production and ending stocks unchanged while only raising Argentina’s production from 51.0 mmt to 52.0 mmt.

  • Post-WASDE, the soybean market focus will shift to South American weather as critical production periods approach. Most of Brazil is expected to see favorable conditions over the next week.

Above: The soybean market continues to drift sideways, with support at 975 and resistance in the 1007–1013 range. A close below 975 could trigger a slide toward 940, while a close above 1013 may set up a retest of 1045.

Wheat

Market Notes: Wheat

  • Wheat posted small gains in Chicago and Kansas City but was closer to unchanged in Minneapolis. March Matif wheat’s second straight gain offered support, though a stronger US Dollar Index potentially capped the upside.

  • IKAR reports Russian farmers may switch up to 1 million hectares from wheat to oilseeds due to thin margins.

  • EU soft wheat exports reached 10.24 mmt as of December 8, down 29% year over year. Tight global wheat stocks among major exporters may continue to support prices.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Above: Front-month Chicago wheat remains rangebound between 540 and 577. A close above the 577–586 resistance area could set up a retest of 617, while a close below 536 might lead to a slide toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Above: March KC wheat remains rangebound between 536 and 577. A close below 536 could put the market at risk of testing the August low of 527 ¼. Conversely, a bullish trigger could lead to resistance near 567 before a retest of 577.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: March Minneapolis wheat is rangebound between 585 and 613. A close above 613 could trigger a rally toward 655, with resistance at 624 and 637. A close below 585 may lead to a decline toward 568.

Other Charts / Weather

Above: Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

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

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12-10 End of Day: Markets Close Higher Following USDA Report

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • Bullish US corn ending stocks, which came in well below expectations in today’s USDA report, drove the corn market higher for the fourth consecutive day.

  • Soybeans gained support from a higher corn market and settled higher on the day, with the USDA making no significant changes to the soybean balance sheet.

  • US wheat ending stocks were unexpectedly reduced by 20 mb in today’s WASDE report, boosting the wheat market to close higher, led by gains in the KC contracts.

  • To see the updated South American precipitation forecasts, 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • The corn market got a shot in the arm and closed higher for the fourth consecutive day, supported by much lower-than-expected US ending stocks in today’s USDA report.

  • The USDA shocked the market by cutting US 24/25 corn carryout by 200 mb to 1.738 bb in today’s WASDE report. Exports were raised by 150 mb, while corn used for ethanol increased by 50 mb.

  • The lower carryout number brings 24/25 corn ending stocks below last year’s level, which can be supportive this early in the marketing year.

  • While Brazil and Argentina corn production estimates remained unchanged, global corn stocks fell well below expectations to 296.4 mmt due to higher use and lower US supplies.

Above: Front-month corn broke through 442 resistance and could be on its way to testing the 465 June high. If prices happen to retreat, initial support may be found near 442 with additional near 50-day moving average, around 425.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • We are in the time frame when seasonal opportunities typically improve due to the South American growing season.

  • Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1100 – 1110 area versus Jan ‘24 to make additional sales against your 2024 crop.

  • For those with capital needs, consider making these sales into price strength.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov ’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans closed higher after a largely uneventful WASDE report, likely supported by bullish corn data. Soybean meal also rose, while soybean oil ended lower.

  • The USDA report left soybean production, yield, and ending stocks unchanged at 470 mb. Brazilian production remained at 169.0 mb, while Argentina’s was revised up to 52.0 mb from 51.0 mb.

  • CONAB reported Brazilian soybean planting at 94% complete, up 4% from last week, with favorable weather supporting the crop.

  • China imported 7.15 mmt of soybeans in November, down 10% from last year and below expectations of 8 mmt. Rumors surfaced of China canceling 4–6 December cargoes from the PNW.

Above: The soybean market continues to drift sideways, with support at 975 and resistance in the 1007–1013 range. A close below 975 could trigger a slide toward 940, while a close above 1013 may set up a retest of 1045.

Wheat

Market Notes: Wheat

  • Wheat posted gains across all categories, supported by a favorable WASDE report, despite strength in the US Dollar Index.

  • The USDA lowered US 24/25 wheat carryout to 795 mb from 815 mb, exceeding expectations, while world ending stocks for 23/24 and 24/25 were slightly raised. US wheat exports were increased by 25 mb to 850 mb.

  • Global wheat production was reduced from 794.73 mmt to 792.95 mmt. Brazil’s production fell to 8.1 mmt, while Argentina and Australia remained steady at 17.5 mmt and 32.0 mmt, respectively. Russian exports dropped 1 mmt to 47.0 mmt, while Ukraine’s rose 0.5 mmt to 16.5 mmt.

  • Egypt’s grain purchasing system has shifted to military control, replacing GASC. As a key wheat supplier, Russia is monitoring potential impacts on its exports.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Above: Front-month Chicago wheat remains rangebound between 540 and 577. A close above the 577–586 resistance area could set up a retest of 617, while a close below 536 might lead to a slide toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Above: March KC wheat remains rangebound between 536 and 577. A close below 536 could put the market at risk of testing the August low of 527 ¼. Conversely, a bullish trigger could lead to resistance near 567 before a retest of 577.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: March Minneapolis wheat is rangebound between 585 and 613. A close above 613 could trigger a rally toward 655, with resistance at 624 and 637. A close below 585 may lead to a decline toward 568.

Other Charts / Weather

Above: Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

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

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12-9 End of Day: Corn and Wheat Close Better, Soybeans Lower

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • Strong demand continues to support the corn market, which followed through on last week’s rally. However, recent gains in the March contract may have been limited by farmer selling.

  • Rumors of potential Chinese cancellations of US soybeans weighed on the soybean market, which closed near session lows in sympathy with lower soybean oil. Soybean meal settled in the green but well off its highs.

  • Higher Russian export prices and the collapse of Syria’s government may have supported the wheat market, as increased unrest could disrupt wheat export logistics, particularly from Russia.

  • To see the updated US and South American precipitation forecasts, 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Corn posted mild gains to start the week, supported by follow-through buying and strong demand.

  • Producer selling on the recent rally may have capped gains in the March contract, reflected in weaker spreads versus deferred months.

  • Weekly export inspections totaled 1.050 mmt (41.3 mb) for the week ending December 5, keeping total inspections 32% above last year and ahead of USDA projections.

  • Tuesday’s USDA WASDE report is expected to raise export and ethanol demand, cutting corn carryout to 1.906 billion bushels.

  • Managed funds trimmed their net long corn position by 9,222 contracts to 88,220 as of December 3.

Above: The corn market was once again testing the 442 level; a close above this area could lead to a run towards 465. If prices fail to break through to the upside and retreat, a close below 422 support could put the market at risk of trading to 410.

Above: Corn Managed Money Funds net position as of Tuesday, December 3. Net position in Green versus price in Red. Managers net sold 9,222 contracts between November 27 – December 3, bringing their total position to a net long 88,220 contracts.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • We are in the time frame when seasonal opportunities typically improve due to the South American growing season.

  • Any negative change in Brazil’s or Argentina’s growing conditions could send the soybean market higher, target the 1100 – 1110 area versus Jan ‘24 to make additional sales against your 2024 crop.

  • For those with capital needs, consider making these sales into price strength.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov ’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans closed lower after early strength, with January futures up 9 cents at the open before fading on fears of Chinese cancellations. Soybean meal ended higher, while soybean oil was slightly lower.

  • Weekly export inspections totaled 59.6 mb, on the low end of expectations. Total 24/25 inspections reached 861 mb, up 19% from last year.

  • Tomorrow’s USDA WASDE report is expected to show minimal changes for the US crop, though Brazilian production estimates may rise due to wet weather.

  • Friday’s CFTC report showed funds buying 9,255 soybean contracts as of December 3, reducing their net short to 72,217. Additional short-covering may occur before year-end.

Above: The soybean market continues to trend sideways just above 975 support. Should the market close below there, it could be at risk of sliding toward the 940 support area near the August low. Conversely, if prices gain traction and rally, they could see resistance near the 50-day moving average and 1013 before retesting 1045.

Above: Soybean Managed Money Funds net position as of Tuesday, Dec. 3. Net position in Green versus price in Red. Money Managers net bought 9,255 contracts between November 27 – December 3, bringing their total position to a net short 72,217 contracts.

Wheat

Market Notes: Wheat

  • Wheat closed higher across all categories despite weaker Matif futures and poor inspections.

  • News of Syria’s government collapse raised concerns about Middle Eastern unrest potentially impacting wheat logistics, especially Russian exports, which helped support prices.

  • Weekly wheat inspections totaled 8.3 mb, bringing 24/25 inspections to 412 mb, up 30% from last year and ahead of the USDA’s pace for the estimated 825 mb annual exports.

  • Russian wheat export values increased $2 to $228/mt FOB last week, according to IKAR. SovEcon reported total Russian grain exports at 1.08 mmt, with wheat comprising 1.01 mmt.

  • Reuters reported Egypt’s military agency has taken over commodity imports, including wheat, replacing GASC, which has managed grain procurement for decades.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Above: Front-month Chicago wheat continues to hover just above support at the 540 level. If a bullish trigger emerges, pushing prices through the 50- and 200-day moving averages and closing above 586, it could be poised to retest the 617 area. Conversely, if it slides lower and closes below 536, it may retreat toward the 521–514 support zone.

Above: Chicago Wheat Managed Money Funds’ net position as of Tuesday, December 3. Net position in Green versus price in Red. Money Managers net sold 10,268 contracts between November 26 – December 3, bringing their total position to a net short 69,386 contracts.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Above: March KC wheat remains rangebound between 536 and 577. A close below this level could put the market at risk of testing the August low of 527 ¼. If on the other hand a bullish trigger emerges, prices could encounter resistance near 567 before re-testing 577.

Above: KC Wheat Managed Money Funds’ net position as of Tuesday, December 3. Net position in Green versus price in Red. Money Managers net sold 7,769 contracts between November 26 – December 3, bringing their total position to a net short 38,430 contracts.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Above: Since late November, Minneapolis wheat has drifted lower, finding support just above the March contract low of 584 ½. If the market closes below this level, it could risk trading down to the 563 support area. Conversely, if a bullish trigger pushes prices higher and close above 613, they could be poised to test the October highs near 655.

Above: Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, December 3. Net position in Green versus price in Red. Money Managers net sold 1,877 contracts between November 27 – December 3, bringing their total position to a net short 32,154 contracts.

Other Charts / Weather

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

Above: Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

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

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12-6 End of Day: Corn Closes Firm; Beans and the Wheat Complex Mixed

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • Strong demand continues to drive the corn market, which closed higher for the second consecutive day following Thursday’s bullish reversal.

  • Soybeans continued to drift sideways and closed mixed with strong demand lending support to the front month contracts, while the prospect of a large South American crop weighed on the back months.

  • The wheat complex took a breather following yesterday’s run-up with a mixed close. The worst Russian crop conditions in 20 years lent support, while the Southern Hemisphere harvest limited gains.

  • To see the updated US and South American precipitation forecasts, and 7-day total precipitation for South America 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Corn prices rose for the second straight session, with March futures up 7 cents on the week, closing near weekly highs.

  • Strong export sales and ethanol demand have supported prices since August lows, but year-end farmer selling may limit rallies.

  • Favorable cash and basis levels persist as producers hold onto stored supplies, a trend likely to continue into early 2025.

  • The USDA’s December WASDE report on Tuesday is expected to show higher export and ethanol demand, reducing corn carryout to 1.906 billion bushels.

The corn market was once again testing the 442 level; a close above this area could lead to a run towards 465. If prices fail to break through to the upside and retreat, a close below 422 support could put the market at risk of trading to 410.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.

  • Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.

  • This is the period when seasonal opportunities typically improve, and we plan to post target ranges for new sales soon, though it could be as late as early spring.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans closed mixed, continuing to consolidate ahead of next week’s USDA report, as supportive demand clashed with strong South American crop prospects. Opposing trends in soybean oil (higher) and meal (lower) added to the market’s lack of direction.

  • Early trade estimates for Tuesday’s USDA report suggest minimal, if any, changes to US, South American, or global soybean supply and demand figures.

  • The bull market story for soybeans remains strong US crush and export demand, while market bears remain focused on benign South American weather and large crop prospects.

  • With a burdensome world supply outlook, it might take a South American weather scare to move prices significantly higher.

The soybean market continues to trend sideways just above 975 support. Should the market close below there, it could be at risk of sliding toward the 940 support area near the August low. Conversely, if prices gain traction and rally, they could resistance near the 50-day moving average and 1013 before retesting 1045.

Wheat

Market Notes: Wheat

  • Wheat closed mixed, with small losses in Chicago and Minneapolis but a slight gain in Kansas City. Matif wheat and the US Dollar Index offered little direction, trading both sides of unchanged.

  • Tuesday’s USDA WASDE report is expected to show minimal changes for wheat, with U.S. 24/25 carryout projected at 816 mb and global 23/24 and 24/25 stocks steady at 266.3 mmt and 257.6 mmt, respectively.

  • Australian and Argentine wheat harvests may be capping prices. Argentina’s harvest is 48.1% complete, up from 38.7% last week, with production estimated at 18.6 mmt, compared to 15.1 mmt last year.

  • French soft wheat planting reached 96% by Dec. 2, ahead of last year’s 87% and above the five-year average of 93%, with 86% rated good or very good, according to FranceAgriMer.

  • Russia’s 25/26 wheat crop is forecast at 81.5 mmt, with estimates ranging from 77.4 to 85.6 mmt. Conditions are reportedly the worst since 2003 due to adverse weather.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Front-month Chicago wheat continues to hover just above support at the 540 level. If a bullish trigger emerges, pushing prices through the 50- and 200-day moving averages and closing above 586, it could be poised to retest the 617 area. Conversely, if it slides lower and closes below 536, it may retreat toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

March KC wheat remains rangebound between 536 and 577. A close below this level could put the market at risk of testing the August low of 527 ¼. If on the other hand a bullish trigger emerges, prices could encounter resistance near 567 before re-testing 577.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept. ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Since late November, Minneapolis wheat has drifted lower, finding support just above the March contract low of 584 ½. If the market closes below this level, it could risk trading down to the 563 support area. Conversely, if a bullish trigger pushes prices higher and close above 613, they could be poised to test the October highs near 655.

Other Charts / Weather

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

Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

Brazil and N. Argentina 7-day total accumulated precipitation courtesy of the National Weather Service, Climate Prediction Center.

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12-5 End of Day: Grains Higher Across the Board Thursday

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • Buying strength, bolstered by wheat market momentum and robust export sales, pushed March corn to its highest close in seven sessions.

  • Soybeans were able to reverse yesterday’s losses, adding double digit gains in January futures today. Strong export sales and strength across the grain complex helped aid in the rally.

  • Wheat posted double-digit gains in Chicago and Kansas City, with Minneapolis close behind, supported by a weaker dollar and spillover strength from corn and soybeans.

  • To see the updated US Drought Monitor as well as the South American GRACE-Based Root Zone Soil Moisture Drought Indicator courtesy of NASA, University of Nebraska-Lincoln 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Buying strength stepped into the corn market supported by strength in the wheat market, and strong export sales on Thursday morning. March corn closed at its highest level in the past seven sessions.

  • March corn futures posted a bullish reversal today, trading above and below Wednesday’s range before closing near the session’s high. This may trigger additional technical buying overnight.

  • The USDA released weekly export sales on Thursday morning. Sales remained strong as new sales totaled 68.2 mb, which was above trade expectations. Mexico continues to be the largest buyer of U.S. corn. Total corn sales are up 33% YOY as the overall sales pace remains strong.

  • Tuesday’s December WASDE report may reveal stronger corn demand for exports and ethanol, likely reducing carryout for the sixth consecutive month.

The corn market has, so far, held support near the 425 area and the 200-day moving average (ma), and could potentially retest the 442 area with the possibility of trading towards 465.  If prices break through and close below the 50-day moving average (ma), near 422, they run the risk falling further and testing more major support near the 410 area and 100-day ma.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.

  • Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.

  • This is the period when seasonal opportunities typically improve, and we plan to post target ranges for new sales soon, though it could be as late as early spring.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans recovered all of yesterday’s losses, closing near the high end of their range. Export sales were strong, and the dollar dipped lower today, both things being supportive of soybeans. Soybean meal finished the day just slightly lower while soybean oil traded higher and led soybeans.

  • USDA reported soybean sales at the high end of expectations — 85.0 mb for 24/25 and 200 metric tons for 25/26. Last week’s shipments of 89.2 mb far exceeded the 28.5 mb needed weekly to meet USDA projections, with top buyers including China, unknown destinations, and Spain.

  • The incoming administration’s potential policies on biofuel use in the US may be preventing soybean oil from rallying to the same degree as palm oil. It is unlikely that this will have any long-term effect on demand, as global biofuel use has trended significantly higher over recent years.

  • Significant rains continue to benefit Brazil’s soybean crop, though excessive moisture could pose risks later. Production estimates remain on the rise.

The soybean market continues to trend sideways just above 975 support. Should the market close below there, it could be at risk of sliding toward the 940 support area near the August low. Conversely, if prices gain traction and rally, they could resistance near the 50-day moving average and 1013 before retesting 1045.

Wheat

Market Notes: Wheat

  • Wheat had a good day, with double digit gains in both Chicago and Kansas City, with Minneapolis not far behind. Wheat was aided by a sharply lower US Dollar Index and spillover support from corn and soybean futures.

  • USDA reported 13.9 mb of wheat sales for 24/25 last week. While weekly shipments of 11.8 mb were behind the 16.5 mb needed to meet the 825 mb goal, commitments are up 19% year-over-year at 571 mb.

  • Drought currently affects 29% of U.S. winter wheat acres, up 1% from last week but sharply improved from 62% in late October. Favorable conditions may cap price gains.

  • Statistics Canada raised its wheat production estimate to 34.96 mmt, slightly above the 34.3 mmt trade guess and aligning with USDA’s 35 mmt forecast. Spring wheat accounts for 26 mmt of the total.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Front-month Chicago wheat continues to hover just above support at the 540 level. If a bullish trigger emerges, pushing prices through the 50- and 200-day moving averages and closing above 586, it could be poised to retest the 617 area. Conversely, if it slides lower and closes below 536, it may retreat toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Since failing to trade above the 50-day moving average (ma), March KC wheat has trended lower and is testing the bottom of the 536 – 577 range. A close below this level could put the market at risk of testing the August low of 527 ¼. Should a bullish catalyst emerge to push prices higher, they could encounter resistance near 567 before re-testing 577.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept. ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Since late November, Minneapolis wheat has drifted lower, finding support just above the March contract low of 584 ½. If the market closes below this level, it could risk trading down to the 563 support area. Conversely, if a bullish trigger pushes prices higher and close above 613, they could be poised to test the October highs near 655.

Other Charts / Weather

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12-4 End of Day: Wheat Reverses to Close Mixed, with Corn and Soybeans Lower

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • Weekly ethanol production exceeded USDA projections but fell short of expectations, leaving the corn market under pressure. March futures settled near session lows, as they consolidate around 430.

  • Soybeans closed lower on the day but off session lows, supported by a higher close in meal, which reversed mid-session on potential short covering and a drier pattern ahead for Argentina.

  • Soybean oil traded lower again, pressuring soybeans, as it tracked weaker Malaysian palm oil and faced additional pressure from the likely delay in 45Z biofuel tax credit guidance.

  • The wheat complex rebounded off support near March contract lows across all three wheat classes, aided by rumors of quality concerns over Australia’s wheat crop due to excessive rain.

  • To see the updated US precipitation forecast and South American 7-day total precipitation, 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • Overall, the negative tone of the commodity space weighed on corn futures, as corn prices consolidate around the 430 area on the most active March contract.

  • Ethanol production fell to 1.073 mbd (315 million gallons/day) last week, down from the previous week’s record of 329 million gallons but still above USDA targets. About 108.4 mb of corn was used for production.

  • Uncertainty over clean fuel tax credit guidance (45Z policy) persists, with mixed reports on whether it will be in place before President Biden’s term ends. Traders are likely taking a wait and see approach to this potential policy.

  • USDA corn export sales, due Thursday, are expected to range from 750,000–1.5 mmt for last week, following the previous week’s total of 1.062 mmt.

  • Brazilian producers are ahead on 2025 Safrinha corn inputs, with 70% secured, driven by favorable exchange rates. Increased second-crop planting remains possible with current weather conditions.

The corn market has, so far, held support near the 425 area and the 200-day moving average (ma), and could potentially retest the 442 area with the possibility of trading towards 465.  If prices break through and close below the 50-day moving average (ma), near 422, they run the risk falling further and testing more major support near the 410 area and 100-day ma.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.

  • Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.

  • This is the period when seasonal opportunities typically improve, and we plan to post target ranges for new sales soon, though it could be as late as early spring.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans closed lower, erasing all of yesterday’s gains and more, as the market continues to trade sideways. Favorable South American weather and rising production estimates weighed on prices. Soybean meal finished higher, while soybean oil tracked weaker palm oil prices.

  • This morning, the USDA reported private export sales of 30,000 metric tons of soybean oil to South Korea for delivery during the 24/25 marketing year, highlighting strong demand potential with soybean oil currently at a steep discount to palm oil.

  • In November, Malaysian palm oil inventories fell 4.3% to 1.8 million tons, while crude palm oil production declined 5.6% to 1.7 million tons. This has been supportive to palm oil prices, but soybean oil has been following those moves less closely.

  • Some pressure in the soybean oil market may be coming from the incoming administration’s potential policies on biofuel use in the US, and the lack of current guidance on the 45Z policy. It is unlikely that these will have any long term effect on demand as global biofuel use has trended significantly higher over recent years.

The soybean market continues to trend sideways just above 975 support. Should the market close below there, it could be at risk of sliding toward the 940 support area near the August low. Conversely, if prices gain traction and rally, they could resistance near the 50-day moving average and 1013 before retesting 1045.

Wheat

Market Notes: Wheat

  • Wheat clawed back to a positive close in Chicago and Kansas City futures, while Minneapolis posted small losses. Matif wheat’s mixed close and the consolidating US Dollar Index offered little direction.

  • Rumors of wheat quality concerns from excessive rains in southeastern Australia, despite projections of a larger crop than last year, may have supported the US market.

  • Ukraine’s 24/25 wheat shipments reached 8.96 mmt from July to November, up from 5.8 mmt last year. Despite elevated Black Sea tensions, grain exports remain largely unaffected.

  • Statistics Canada will release updated wheat production estimates tomorrow, with an average pre-report projection of 34.3 mmt, matching August’s forecast and 4.1% above last year’s crop.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Front-month Chicago wheat continues to hover just above support at the 540 level. If a bullish trigger emerges, pushing prices through the 50- and 200-day moving averages and closing above 586, it could be poised to retest the 617 area. Conversely, if it slides lower and closes below 536, it may retreat toward the 521–514 support zone.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Since failing to trade above the 50-day moving average (ma), March KC wheat has trended lower and is testing the bottom of the 536 – 577 range. A close below this level could put the market at risk of testing the August low of 527 ¼. Should a bullish catalyst emerge to push prices higher, they could encounter resistance near 567 before re-testing 577.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept. ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Since late November, Minneapolis wheat has drifted lower, finding support just above the March contract low of 584 ½. If the market closes below this level, it could risk trading down to the 563 support area. Conversely, if a bullish trigger pushes prices higher and close above 613, they could be poised to test the October highs near 655.

Other Charts / Weather

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

Brazil 7-day total accumulated precipitation courtesy of the National Weather Service, Climate Prediction Center.

Argentina 7-day total accumulated precipitation courtesy of the National Weather Service, Climate Prediction Center.

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12-3 End of Day: Beans and Wheat Close Firm, While Corn Slips

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • The corn market settled near the low end of its 5-cent range (March) with minor losses, struggling to gain upward traction due to improved South American crop prospects and a lack of 45Z guidance.

  • Soybeans rallied on reports of record crush totals that were posted for the month of October. The strong demand news lent support to the front month soybean contracts while deferreds lagged.

  • Soybean oil rallied on record October crush numbers, which left bean oil stocks below estimates and last month’s levels, indicating strong demand. Meal also closed higher, supported by a drier Argentina forecast.

  • Wheat settled mostly higher with small gains across the board, led by Minneapolis. Carryover strength from higher Matif wheat was tempered by projections of a large Australian wheat crop potentially exceeding last year’s.

  • To see the updated US and South American precipitation forecasts, 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • The corn market finished soft on Tuesday as prices failed to hold early session gains. The lack of direction on biofuel tax credits and increased South American corn production estimates limited market strength.

  • Reuters reported that the Biden administration will not finalize clean fuel tax credit guidance, known as the 45Z policy, before his term ends. The uncertainty of this key biofuels initiative’s likely kept pressure on the corn market.

  • South American weather conditions remain highly favorable for soybeans and corn in Brazil and Argentina. Independent analysts suggest an additional 200–250 mb of combined South American production could be possible next crop year if conditions persist.

  • Managed Money has reduced its recent net long position on the Commitment of Trader’s report. As of Nov. 26, managed funds were net long 97,442 contracts of corn, a reduction of 17,186 contracts.

The corn market has, so far, held support near the 425 area and the 200-day moving average (ma), and could potentially retest the 442 area with the possibility of trading towards 465.  If prices break through and close below the 50-day moving average (ma), near 422, they run the risk falling further and testing more major support near the 410 area and 100-day ma.

Corn Managed Money Funds net position as of Tuesday, Nov. 26. Net position in Green versus price in Red. Managers net sold 17,186 contracts between Nov. 20 – 26, bringing their total position to a net long 97,442 contracts.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.

  • Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.

  • This is the period when seasonal opportunities typically improve, and we plan to post target ranges for new sales soon, though it could be as late as early spring.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans closed higher, recovering all of yesterday’s losses and more, with front-month contracts leading gains. Soybean meal and oil also ended higher, with oil leading.

  • Brazilian production estimates remain lofty, with Celeres at 170.8 mmt, StoneX at 170 mmt, and AgroConsult at 172.2 mmt. Exports are expected to rise by 4 mmt, supported by favorable weather conditions.

  • The USDA Fats and Oils report showed a record October soybean crush of 216 million bushels, exceeding trade estimates. High crush levels have pressured soybean meal prices due to excess supply, while lower-than-expected bean oil stocks signal strong demand.

  • Yesterday’s CFTC report showed funds as of Nov. 26 as net sellers of 13,771 soybean contracts, increasing their net short position to 81,472 contracts. Historically, funds shift to buying soybeans in December through year-end.

The soybean market continues to trend sideways just above 975 support. Should the market close below there, it could be at risk of sliding toward the 940 support area near the August low. Conversely, if prices gain traction and rally, they could resistance near the 50-day moving average and 1013 before retesting 1045.

Soybean Managed Money Funds net position as of Tuesday, Nov. 26. Net position in Green versus price in Red. Money Managers net sold 13,771 contracts between Nov. 20 – 26, bringing their total position to a net short 81,472 contracts.

Wheat

Market Notes: Wheat

  • Wheat closed mostly higher across the three classes, though early strength faded by session’s end. Gains from higher Paris milling wheat were limited by projections that Australia’s crop could exceed last year’s by 5–6 mmt.

  • According to the CFTC’s Commitments of Traders report, as of Nov. 26 managed funds sold nearly 7,600 Chicago wheat contracts, and 1,300 KC wheat contracts, increasing their total net short position to a four-month high of 120,000 contracts.

  • India’s Meteorological Department forecasts a warmer-than-average winter, which could threaten wheat yields. December–February temperatures are expected to be above normal, impacting the winter wheat crop that thrives in cooler conditions.

  • Australia’s wheat production is projected to rise 23% to 31.9 mmt in the fiscal year ending June 2025, according to the Australian Bureau of Agricultural and Resource Economics. This would be 20% above the 10-year average, driven by production increases of 75% in New South Wales and 40% in Western Australia, its largest growing regions.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Front month Chicago wheat remains in a broad trading range between 536 down below and 586 up top. If the market can trade through the 50 and 200-day moving averages and close above 586 it could be poised to retest the 617 area. Whereas a close below 536 could put the market at risk of trading to the 521 – 514 support area.

Chicago Wheat Managed Money Funds’ net position as of Tuesday, Nov. 26. Net position in Green versus price in Red. Money Managers net sold 7,572 contracts between Nov. 20 – 26, bringing their total position to a net short 59,118 contracts.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Since failing to trade above the 50-day moving average (ma), March KC wheat has trended lower and is testing the bottom of the 536 – 577 range. A close below this level could put the market at risk of testing the August low of 527 ¼. Should a bullish catalyst emerge to push prices higher, they could encounter resistance near 567 before re-testing 577.

KC Wheat Managed Money Funds’ net position as of Tuesday, Nov. 26. Net position in Green versus price in Red. Money Managers net sold 1,286 contracts between Nov. 20 – 26, bringing their total position to a net short 30,661 contracts.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept. ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Since rolling to the March contract, front month Minneapolis wheat has been capped by resistance near the 50-day moving average around 613. A close above this point could put the market on track to test the October highs near 655, with potential resistance around the 200-day moving average. Should prices slide below 584 they could then be at risk of retesting the 563 area.

Minneapolis Wheat Managed Money Funds’ net position as of Tuesday, Nov. 26. Net position in Green versus price in Red. Money Managers net sold 225 contracts between Nov. 20 – 26, bringing their total position to a net short 30,227 contracts.

Other Charts / Weather

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

Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.

Argentina 7-day total accumulated precipitation courtesy of the National Weather Service, Climate Prediction Center.

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12-2 End of Day: Grain Markets Close Mixed on Monday

ByGrain Market Insider

All prices as of 2:00 pm Central Time

Grain Market Highlights

  • The corn market closed fractionally mixed, near the middle of its modest 5 ¼ cent range, after a quiet day of two-sided trade. Light buying supported the December contract, with few deliveries reported.

  • Soybeans settled lower, largely due to expectations of a large South American crop, despite a flash sale to China. However, the market rebounded from session lows to close mid-range.

  • Both soybean meal and oil ended the day lower, likely contributing to the soft close in soybeans. While bean oil mostly consolidated within last week’s range, meal found buying interest near support.

  • The wheat complex closed mostly lower across all three classes after a day of two-sided trade. Prices fluctuated around unchanged, caught between higher Matif wheat and a surge in the US dollar.

  • To see the updated US and South American Seven Day precipitation forecasts and the US Seasonal Drought Outlook, 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

Corn Action Plan Summary

2024 Crop:

  • If you missed our previous sales recommendations, consider targeting the 460 area in March ‘25 for any catch-up sales. Additionally, selling additional bushels into market strength may be beneficial if you have capital needs.

  • We are now in the window when seasonal opportunities tend to improve and we anticipate posting target ranges for new sales soon, but they could be as late as early spring.

2025 Crop:

  • If you missed previous sales recommendations for next year’s crop, consider targeting 455 – 475 versus Dec’25 to take advantage of any post-harvest strength.

  • As we enter the time of year when seasonal opportunities tend to improve, we will begin posting target ranges for additional sales, though this may not happen until late winter or early spring.

  • Be on the lookout for a recommendation to buy call options in the 470–490 range versus Dec’25 to protect current sales against a potential extended rally.

2026 Crop:

  • Patience is advised. No sales recommendations are planned currently, as we continue to monitor the market for more favorable conditions.

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

  • The corn market opened the month of December with quiet, mixed trade. Light buying supported the December contract that is in delivery, while the most active March futures traded within a narrow 5 ¼ cent range.

  • The December contract entered delivery with 222 contracts delivered, a relatively small number that likely helped support prices.

  • USDA weekly corn inspections totaled 36.8 mb, bringing cumulative inspections 31% above last year. The key shipping window for corn still lies ahead during the March–May time frame.

  • Brazil’s crop planting remains ahead of schedule, with soybeans 91% planted and the first corn crop 94% complete. Timely soybean planting keeps producers on track for the Safrinha corn crop, hitting the optimal weather windows for development.

The corn market has, so far, held support near the 425 area and the 200-day moving average (ma), and could potentially retest the 442 area with the possibility of trading towards 465.  If prices break through and close below the 50-day moving average (ma), near 422, they run the risk falling further and testing more major support near the 410 area and 100-day ma.

Soybeans

Soybeans Action Plan Summary

2024 Crop:

  • If you missed prior sales recommendations, a rally back to the 1050 – 1070 area versus Jan’25 could provide a good opportunity to make catch-up sales. For those with capital needs, consider making these sales into price strength.

  • Additional sales could also be considered in the 1090 – 1125 range versus Jan’25 if prices rally beyond the 1070 area.

  • This is the period when seasonal opportunities typically improve, and we plan to post target ranges for new sales soon, though it could be as late as early spring.

2025 Crop:

  • We are in the window when targets for additional sales on next year’s crop will start being posted. Though patience is still recommended since they could be set as late as early spring.

  • Be on the lookout for a recommendation to buy call options. A rally to the upper 1100 range versus Nov’25 could increase the likelihood of an extended rally, and we would recommend buying calls to prepare for that possibility.

2026 Crop:

  • Patience is advised. No sales recommendations are currently planned as we monitor the market for more favorable conditions and timing.

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

  • Soybeans ended the day lower but recovered from their lowest prices earlier in the day that saw the January contract down to 977 ½. There was a flash sale reported this morning, but the trade seemed more focused on the excellent growing conditions in Brazil. Both soybean meal and oil ended the day lower as well.

  • The USDA reported that 134,000 mt of soybeans were sold to China for the 24/25 marketing year. There have been multiple sales of soybeans throughout the past few weeks indicating good demand, but analysts are also expecting record production out Brazil on top of the large US crop.

  • Soybean inspections were strong for the week ending Thursday, November 28, totaling 76.7 mb, bringing 24/25 inspections to 801 mb, up 16% from last year. The USDA projects exports at 1.825 bb, a 7% increase year-over-year.

  • Brazil’s soybean crop is in excellent condition, with Agroconsult projecting a record 172.2 million bushels. AgRural estimates 91% of the crop has been planted.

January soybeans continue to drift and test the 975 support area. A close below there could put the market at risk of receding to the 940 support area around the August low. Should the 975 area hold turning prices back higher, they may find resistance between the 50-day moving average and 1014, before retesting the 1045 area.

Wheat

Market Notes: Wheat

  • After a day of two-sided trade, wheat closed mostly lower in all three US classes. Gains from higher Matif wheat futures were limited by a surge in the US Dollar Index, driven by concerns over a potential collapse of the French economy.

  • Weekly wheat export inspections reached 10.9 mb, bringing 24/25 totals to 404 mb, up 32% from last year. Inspections exceed the USDA’s projected pace, with total exports forecast at 825 mb, a 17% year-over-year increase.

  • Russian officials approved an 11 mmt wheat export quota for mid-February through June, down from 29 mmt last year. The smaller quota reflects a reduced crop and record early-season exports.

  • China recently approved Argentine wheat imports, with potential sales marking the first since the 1990s. Argentina is on track for a large harvest, including a 3.9 mmt wheat crop in Buenos Aires province (up 18% year-over-year) and a total wheat crop of 17.5 mmt, up from 15.9 mmt last year.

Chicago Wheat Action Plan Summary

2024 Crop:

  • Target the 740 – 760 range versus March ‘25 to make additional sales. While this range may seem far away, it aligns with the market’s potential based on our research as we approach winter dormancy.

  • For those holding open July ’25 860 and 1020 call options that were recommended in May, target a selling price of about 73 cents for the 860 calls to offset the cost of the remaining 1020 calls. Holding the 1020 calls will provide protection for existing sales and give you confidence to make additional sales at higher prices.

2025 Crop:

  • Continue holding open July ’25 620 puts to maintain coverage for unsold bushels. Back in July Grain Market Insider recommended selling the first half to offset the cost of the now remaining puts.

  • Target the 650 – 680 range versus July ’25 to make additional sales.

  • Look to protect current sales by buying upside calls in the 745 – 775 range if signs of an extended rally appear. This will give you confidence to sell more bushels at higher prices.

2026 Crop:

  • Patience is advised, as we monitor the market for improved conditions and timing. It may be some time before target ranges are set for the 2026 crop.

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

Front month Chicago wheat remains in a broad trading range between 536 down below and 586 up top. If the market can trade through the 50 and 200-day moving averages and close above 586 it could be poised to retest the 617 area. Whereas a close below 536 could put the market at risk of trading to the 521 – 514 support area.

KC Wheat Action Plan Summary

2024 Crop:

  • Target the 635 – 660 versus March ‘25 area to sell more of your 2024 HRW wheat crop.

  • For those holding the previously recommended July ’25 860 and 1020 calls,target a selling price of about 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls, and still give you confidence to sell more bushels at higher prices.

2025 Crop:

  • Target the 640 – 665 range versus July ’25 to make additional 2025 HRW wheat sales.

  • If the market rallies considerably, look to protect sales by buying upside calls in the 745 – 770 range versus July ’25. This will also give you confidence to sell more bushels at higher prices.

  • Continue to hold the remaining half of the previously recommended July ’25 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.  

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

Since failing to trade above the 50-day moving average (ma), March KC wheat has trended lower and is testing the bottom of the 536 – 577 range. A close below this level could put the market at risk of testing the August low of 527 ¼. Should a bullish catalyst emerges to push prices higher, they could encounter resistance near 567 before re-testing 577.

Mpls Wheat Action Plan Summary

2024 Crop:

  • Target a rally to the 610 – 635 area versus March ‘25 to sell more of your 2024 crop. We are at that time of year when seasonal price trends become more favorable.

  • For those holding the previously recommended July ’25 KC wheat 860 and 1020 calls, target a selling price of approximately 71 cents on the 860 calls. This would achieve a net-neutral cost on the remaining 1020 calls and provide confidence to sell more bushels at higher prices.

2025 Crop:

  • Target a rally back to the 710 – 735 range versus Sept. ’25 to make additional early sales on your 2025 crop. While this target area may seem far off, it aligns with the market’s potential based on our research. conditions improve seasonally. This could be as early as late November or December.

  • Look to protect existing sales by buying upside calls in the 745 – 770 range versus July ’25 KC wheat if the market turns higher and rallies considerably. This will also give you confidence to sell more bushels at higher prices.

  • Continue holding the remaining half of the previously recommended July ’25 KC wheat 620 puts to provide downside protection for unsold bushels. Additionally, target the upper 400 range versus July ’25 KC wheat to exit half of these remaining puts if the market makes new lows.

2026 Crop:

  • Patience is recommended. It may be some time before targets are set for the 2026 crop, as we continue to monitor the market for better conditions and timing.

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

Since rolling to the March contract, front month Minneapolis wheat has been capped by resistance near the 50-day moving average around 613. A close above this point could put the market on track to test the October highs near 655, with potential resistance around the 200-day moving average. Should prices slide below 584 they could then be at risk of retesting the 563 area.

Other Charts / Weather

Brazil and N. Argentina one-week forecast total precipitation courtesy of the National Weather Service, Climate Prediction Center.