JUL-SEP CORN SPREAD (ZCN27-ZCU27) – Update

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RICH MORAN                                                                                                                  9/30/2026

                                                                      

JUL-SEP CORN SPREAD (ZCN27-ZCU27) – Update

This is a quick update on yesterday’s trade suggestion (please see below).  I suggested that when the market opened last night to try to sell the JUL-SEP Corn Spread (ZCN27-ZCU27) +27½.  It opened at +28, so if you offered it at +27½, you should be filled.  My recommendation was, “Risk 6½ (price of 34) or $325 Per Spread, to make 13 (price of 14½) or $650 Per Spread, plus fees and commissions”.  

Today, the spread moved down to a settlement of +19, and I don’t like to turn a winner into a loser.  If you did get short ZCN27-ZCU27 at 27½, I think that when the market opens this evening, try to buy this spread back where the market opens with a limit of +21.  If you do have to pay +21 (2 cents above today’s settlement), you will make 6½ cents or $325 Per Spread.  That is what you were initially risking on the trade, plus fees and commissions.  Hopefully we will be able to buy it back lower than that.  If you can’t buy ZCN27-ZCU27 at +21 on the opening, I think you should leave a resting (GTC) bid in at that price and move your stop down to +25 for a small winner.

Yesterday (9/29/2026):

“As of the most recent figures, Full Carry for Corn from July of 2027 to September of 2027 is 22.04. That would put the JUL-SEP Corn Spread (ZCN27-ZCU27) at -22 (negative 22).  Today, ZCN27-ZCU27 settled +27¾ (positive 27¾). That’s 59¾ cents higher.  Since the middle of August this spread went from +10 (positive 10) up to +33½ (52-week high) on 9/2/2026.  It floated above and settled above the 14-day moving average this entire time.  This past Friday (9/25) ZCN27-ZCU27 finally settled below the 14-day moving average at +27¾.  That is same price that it settled today.  I think getting short this spread might offer us a good risk/reward trade.

I am suggesting that when the market opens this evening try to sell ZCN27-ZCU27 at +27½ or better.

Risk 6½ (price of 34) or $325 Per Spread, to make 13 (price of 14½) or $650 Per Spread, plus fees and commissions.”  

 

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Rich Moran

Senior Commodities Broker

RMoran@walshtrading.com

Direct: (312)985-0298 

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