WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 11/13/2026
MAR-JUL CORN SPREAD (ZCH27:N27)
I feel today’s strong bounce in the grain markets was justified. There are a lot of factors besides that they just appeared to be oversold. Soybeans had increased upward pressure by the fact that China suggested it will be difficult to reach their 25 million tonne commitment by the end of the year if tariffs aren’t reduced. We also have all the military conflicts going on without any successful talks or cease fire agreements working. This is obviously causing interruptions in the shipping of agricultural commodities, more specifically Wheat.
Corn was a lagger today in the grain markets, but still closed up on the day. I think Trump’s threat to double tariffs on Mexico if they don’t put an end to the migrant caravans that are heading north will never pan out. We rely too much on Mexico to buy our corn. With Trump’s recent political failures and all the pressure on him to go the other way with tariffs, I just don’t see that happening. I think Corn will catch up with the with the other two major grains.
The MAR-JUL CORN SPREAD (ZCH27:N27) has fought its way above, and settled above, both the 14-day and 21-day moving averages the last two days. It hasn’t been able to do that since September 21st.
I think getting long ZCH27:N27 at this point could be a good risk/reward trade with a short stop somewhere below the 14-day and 21-day moving averages. The 52-week low is also close enough that we can place our stop below that as well.
I am suggesting that when the market opens on Sunday night, try to buy the MAR-JUL CORN SPREAD (ZCH27:N27) at -14½ (negative 14½). That is ½ cent below today’s settlement and just above both of our moving averages.
Risk 3 cents (price of -17½) or $150.00 Per Spread to make 6 cents (price of -8½) or $300.00 Per Spread.
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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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