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JUL-DEC CHICAGO WHEAT SPREAD (ZWN27:Z27) - WALSH PURE SPREADER
WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 11/11/2026
JUL-DEC CHICAGO WHEAT SPREAD (ZWN27:Z27)
JUL CHICAGO WHEAT (ZWN27) made its 52-week high of 805 on 9/2/2026. It has been heading south ever since. Yesterday’s WASDE Report was in line with the Wheat estimates, however it did seem to give the Wheat Futures market some possible support. ZWN27 settled today at 625¼. That was up 9½ cents on the day. I will never try to pick the bottom of a move like the recent move down in the Wheat market, but sometimes, after it looks like it might be reversing, I will try to jump in after it starts to head the other way. I will wait for possible indications.
The JUL-DEC CHICAGO WHEAT SPREAD (ZWN27:Z27) made its 52-week high of -1¼ (negative 1¼) on the exact same day, 9/2/2026. It has also been heading south ever since. It has been hovering below both the 14-day and 21-day moving averages as of the middle of September and has not been able to even trade high enough to touch either of these moving averages since October 16th. Today, ZWN27:Z27 settled -27½ (negative 27½). That is only 1½ cents below the 14-day moving average (-26) and 3¼ cents below the 21-day moving average (-24 ¼).
This Wheat spread appears to be very directional in regard to the out-right Wheat futures market. What I mean by that is as the Wheat market goes up or down, this spread seems to generally go up or down as well. When and if we decide it might be a good time to get long the Wheat market, it could be a safer play to get long the JUL-DEC CHICAGO WHEAT SPREAD (ZWN27:Z27).
If ZWN27:Z27 is able to trade above, and settle above, both the 14-day and 21-day moving averages, I am suggesting we try to get long this spread with a short stop somewhere below both moving averages.
I will be keeping an eye on this 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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