WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 10/6/2026
MAR WHEAT-CORN SPREAD (ZWH27-ZCH27)
The grain markets were strong today with MAR Wheat (ZWH27) slightly outperforming MAR Corn (ZCH27) by a ½ cent. This kept the MAR WHEAT-CORN Spread (ZWH27-ZCH27) above both the 14-day and 21-day moving averages after finally settling above those moving averages yesterday. The last time this spread settled above the 14-day and 21-day moving averages before yesterday was September 2nd.
A lot of the Corn market’s recent strength might be a result of more than desired rain and wet conditions putting a damper on the progress of the current harvest. On the other hand, the recent strength of the Wheat market is possibly a result of a slower than usual planting rate for US winter wheat.
I believe the delays in getting the winter wheat planted may have a more substantial effect than the delays in getting corn harvested. I think the price of Wheat relative to Corn may continue to go up and (ZWH27-ZCH27) could be a good buy, especially if the spread can stay above the both the 14-day and 21-day moving averages.
I am suggesting that we try to buy ZWH27-ZCH27 at 191. That is 4¼ cents below today’s settlement and 2 to 4½ cents above our two moving averages.
Risk 20 cents (price of 171) or $1,000 Per Spread to make 40 cents (price of 231) or $2,000 Per Spread, plus fees and commissions.
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Rich Moran
Senior Commodities Broker
Direct: (312)985-0298
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
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