Wednesday December 17th , 2025, 5:00 AM CST BY: Cole Raisbeck
Grain markets continued lower again Tuesday. Soybeans dropped another 9–10 cents, fully filling the gap below the market. Wheat saw losses of 9–11 cents in the Chicago contracts and 6–7 cents in the K.C. contracts. Corn slipped another 3 cents but managed to hold support near the November low.
TO DO: You can click here to review our current and updated price targets.
WHAT WE’RE THINKING:
The corn market has held up relatively well considering the recent selloff in soybeans, wheat, and crude oil. The area where the December contract went off the board near $4.31 ½ may mark the bottom of the current trading channel and will be an important level to hold.
As the USDA continues to release delayed Commitment of Traders data following the government shutdown, it’s becoming clear that funds held a much larger soybean long position than many in the market realized. That positioning appears to have been a major driver of both the rally and the subsequent sell-off.
WHAT TO WATCH:
I’m watching crude oil and Heating Oil futures closely, since both markets have recently sold off into key support areas. If you haven’t already booked your spring fuel needs, it may be worth checking in with your supplier.
Overnight Markets
March Corn: The trading range is 2¢; the last trade shows corn futures are up 1¢ at $4.38 per bushel.
January Soybeans: The trading range is 6¢; the last trade shows prices unchanged at $10.63 per bushel.
Wheat: Chicago wheat is up 2¢, KC wheat futures are up ½ ¢, Minneapolis wheat is up 1¢.
Global Stock Markets: The stock market in China is up 1.19%, while stocks in Japan are up 0.26%. European stocks are up 1.62%.
Outside Markets: The US Dollar Index is up 0.39 at 98.53, crude oil is up 1.26 cents per barrel at $56.41. S&P futures are up 22.25 points at 6,823.50. Dow futures are up 101 points at 48,232, and gold futures are down $20.50 at $4,325.20
Livestock Futures: Trade was higher on Tuesday. February Lean Hogs finished 92¢ higher, settling at $84.77. January Feeder Cattle closed $3.40 higher at $343.32. Live Cattle were also higher, with February closing 15¢ higher, at $230.70.
TODAY’S CHART: January-to-March Soybean Futures Spread
About This Chart: Today’s chart of the day focuses on the January-to-March soybean spread, as producers begin making decisions on whether to price or roll stored soybeans heading into year-end and January contract expiration. The spread has traded in a broader range of roughly 16¢ to 2¾¢, but for most of the recent period it has remained contained between 6¢ and 12¢. The spread peaked on November 18th, coinciding with the high point in the soybean futures rally and a peak in fund long positioning.