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Grains 26/27 Spreads
Walsh Pure Grain Technicals / Daily News – Pure Hedge Division
Tim Healy 9/22/2026
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Corn Futures Standard Spread (_S_SP_ZCZ6_ZCZ7)
The spread is trading above every major moving average and latest price is 5.00. SMA (7) = 1.89, SMA (14) = 0.96, SMA (21) = 2.64.
This identifies a strong short-term uptrend. Some other notable averages, SMA (50) = -9.29 and the SMA (100) is -14.86. The spread has moved dramatically above its medium- and long-term averages, indicating a major trend shift
| Indicator | Value | Signal |
| Current Price | 5.00 | Bullish |
| 7-Day SMA | 1.89 | Price above MA → Bullish |
| 14-Day SMA | 0.96 | Bullish |
| 21-Day SMA | 2.64 | Bullish |
| 50-Day SMA | -9.29 | Strongly above trend |
| 100-Day SMA | -14.86 | Long-term trend reversal |
| RSI (7) | 76.08 | Overbought |
| RSI (14) | 66.46 | Bullish momentum |
| MACD | 3.46 | Positive trend |
| MACD Signal | 3.75 | MACD below signal |
| MACD Histogram | -0.30 | Momentum slowing |
RSI (14) = 66.46
Above 50 = bullish momentum and approaching 70 is becoming extended.
RSI (7) = 76.08
Above 70 = overbought
The market may need consolidation or a pullback before another major advance.
MACD Current readings: MACD = 3.46
Signal = 3.75
Histogram = -0.30
MACD remains above zero → bullish trend.
MACD has slipped below its signal line → near-term momentum slowing.
Watch for either: Bullish crossover (new push higher) or continued weakening (pullback risk).
Resistance 7.25 – 7.75, recent highs 10.75 – 11.75
Major historical resistance zone Support 5.25 – 6.00
Recent breakout level 2.00 – 2.65.
Moving-average support cluster 0.00
Psychological support Trend: Bullish
Momentum: Strong
RSI: Overbought Short-Term
MACD: Caution
Volatility: High. The spread is in a strong uptrend and has completed a significant bullish reversal relative to its long-term averages. The main caution is that the RSI is overbought and MACD momentum has started to flatten, which increases the odds of a short-term pause. A breakout above 7.75 would target the 10.75–11.75 area, while a drop below 5.25 would be the first warning that momentum is fading.
Soybean Futures Standard Spread (_S_SP_ZSX6_ZSX7)
| Indicator | Moving average | Current vs. MA |
| 7-day | 43.00 | +3.50 |
| 14-day | 46.46 | +0.04 |
| 21-day | 45.02 | +1.48 |
| 50-day | 36.86 | +9.65 |
| 100-day | 32.98 | +13.52 |
Intermediate and long-term trend I believe is bullish. The current spread is above all five moving averages. The 50-day average is above the 100-day average, confirming a constructive longer-term structure. The 21-day average is also above the 50-day average, showing that intermediate momentum remains stronger than the longer-term baseline. Short-term trend is recovering but not fully aligned. The 7-day average at 43.00 remains below both the 14-day and 21-day averages. That configuration reflects the sharp early-September setback and means the short-term trend has not yet produced a fully bullish moving-average stack. However, the current value has recovered above the 7-, 14-, and 21-day averages. That is a positive near-term momentum signal. Immediate pivot: 14-day MA at 46.46, first support zone: 21-day MA at 45.02. Secondary support: 7-day MA at 43.00. Major trend support: 50-day MA at 36.86. Long-term baseline: 100-day MA at 32.98. Bottom line the spread has a bullish intermediate-to-long-term bias, while the short-term structure is still repairing. Holding above 45.02 to 46.46 would reinforce the recovery. A close back below 43.00 would weaken near-term momentum, although the broader trend would remain constructive while above the rising 50-day area near 36.86.
Wheat Futures Standard Spread (_S_SP_ZWZ6_ZWZ7)
Bullish Scenario (Spread Strengthens Toward Less Carry)
It would hold above the recent low area near-38.50 to -40.00. Recover back above-33.25 and then-30.00. Upside Objectives-33.25 (Sept. 21 level), -30.00 to -27.75 (early September resistance) and-25.00. Extended target-20.00 to -17.00 if nearby wheat demand improves or carry contracts. The spread spent most of June and July trading between approximately-50 and -60 cents, so today's-37.25 remains substantially stronger than summer values. Despite recent weakness, the larger trend since June has been toward a less bearish carry structure. Bulls want to see values stabilize above-40.00. A move through-33.25 would signal buyers are regaining control. Neutral Scenario (Consolidation) is if this spread trades sideways between-40.00 and -30.00 for several weeks. Expected Behavior would be the market digests the sharp September volatility and a range trading environment. Follow breakouts only after a close outside the range. I believe a bearish Scenario (Carry Expands Further).
Trigger is a Close below-40.00. Follow-through under-44.00 and August support levels. Downside Objectives-44.00,-46.25 to -47.75, -50.00.
Summer carry extreme near-58.00 to -61.00. September's decline from-17.00 on Sept. 1 to-37.25 currently shows renewed carry entering the structure. A failure of the spread to hold above the August breakout area would suggest that harvest pressure and ample supplies are dominating. A first trading bias could be a break below-40.00. Strong bearish confirmation: close below-44.00. Aggressively bearish if the spread returns below-50.00.
Wheat has deteriorated significantly during September, moving from-17.00 on Sept. 1 to-37.25.
The spread is approaching an important support zone around-38.50 to -40.00. A hold there could create a recovery rally toward-30.00, but a decisive break would open the door for a move toward-45 to -50.
Tim Healy
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Pure Hedge Division
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