WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 11/10/2026
JUL-DEC CORN SPREAD (ZCN27:Z27)
Today’s WASDE Report showed that the supply of Corn is tighter than previously anticipated. The front months in the Corn Futures market all settled at least 9 cents higher. This caused the pricing curve to slightly flatten and the spreads to become a little less negative. If Corn’s “Old Crop” continues to tighten and things are normal or average with the “New Crop” in December of 2027 for example, this curve could continue to flatten or even become a “Backwardation Market” (downward sloping). The spreads could go back to positive as they were earlier this fall (autumn).
The JUL-DEC CORN SPREAD (ZCN27:Z27) settled up 1¾ cents today at a price of -12¾ (negative 12¾). This spread traded as high as +33¾ (positive 33¾) on 9/2/2026. So ZCU27:Z27 has dropped 46½ cents (from +33¾ to -12¾) in just over 2 months. As a matter of fact, it has traded below, without even touching the 14-day or the 21-day moving averages since 9/30/2026. That is until today when it briefly traded over the 14-day moving average, but then went back down to settle below both moving averages again and slightly higher on the day.
I think the “Old Crop–New Crop” market in Corn may continue to tighten. If we can get the JUL-DEC CORN SPREAD (ZCN27:Z27) to trade above and settle above both of these moving averages, it might be a good time to try getting long this spread. I will continue to monitor ZCN27:Z27 and I will follow up if I see this opportunity arise.
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Rich Moran
Senior Commodities Broker
Direct: (312)985-0298
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