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华尔街日报WALSH PURE SPREADER - Pure Hedge Division
WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 12/9/2025
Walsh Trading had a booth at the AMARILLO Farm & Ranch Show last week and I was fortunate to be there for a very successful week in Amarillo. We got back this weekend and I have been in touch with many wonderful folks that I was lucky enough to meet there.
Below we are catching up on some still active spread trades that I have recently suggested in the Soybean, Soybean Oil, Corn, Wheat, and Sugar markets.
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ACTIVE TRADE SUGGESTIONS
- 11/21/2025: ZSN26-ZSX26 (JULY-NOV’26 SOYBEAN-SPREAD)
Today’s settlement: 23¼, Short at 38
I think selling the JULY-NOV ’26 Soybean-Spread (SZN26-ZSX26) might be a good way to fade the recently strong Soybean market. Yesterday, this spread finally traded below and settled below the 14-day and 21-day moving averages. This hasn’t happened since 10/10/2025. Today it settled 37¼.
**** 11/21/2025 – When the market opens on Sunday night, I am suggesting that selling ZSN26-ZSX26 spread at 36¼ or better might be a good play. If you don’t get filled on the opening, I would keep working a 36¼ offer.
**** The opening range on 11/24/2025 (Sunday Night at 7:00pm) was 38 – 38¾, so we are short (on paper) at 38.
**** New Parameters below …. Risk 6½ cents (price of 44½) or $325 to make 20 cents (price of 18) or $1,000 Per Spread, plus fees and commissions.
**** 12/9/2025 – We now have 14¼ cent lead on this spread so I am suggesting we lower our stop (on paper) to 31½. That would give us a profit of 6½ cents or $325 (our initial risk on the trade).
New Parameters: We are now looking to make 6½ cents (price of 31½) = $325 OR to make 20 cents (price of 18) = $1,000 Per Spread, plus fees and commissions.
- 11/14/2025: ZCH26-ZCZ26 (MAR-DEC’26 Corn Spread)
Today’s settlement: -17¾, Long at -23½
I had suggested trying to buy this spread when the corn market opens on Sunday night at -23½ or better. If you do not get filled on the opening, continue to work a -23½ bid.
On 11/17/25 MAR-DEC’26 Corn Spread opened at -23 and traded down to -23¾, so we are long (on paper) at -23/½.
**** New Parameters below …. Risk 8 cents (price of -31½) or $400 Per Spread to make 23½ cents (price of -½) or $1,175 Per Spread, plus fees and commissions.
**** 12/9/2025 – We now have nice lead on this spread so I am suggesting we lower our stop (on paper) to 23½. That would be a scratch on the trade.
New Parameters: We are now looking to scratch the trade at -23½ OR to make 23½ cents (price of -½ ) = $1,175 Per Spread, plus fees and commissions.
- 11/12/2025: KEH26-ZWH26 (March’26 Kansas City-Chicago Wheat Spread)
Today’s settlement: -7½, Long at -14½
Hard Red Winter Wheat minus (-) Soft Red Winter Wheat is more commonly known as the Kansas City-Chicago Wheat Spread.
**** New Parameters below …. Risk 8 cents (price of -22½) or $400 to make 24 cents (price of +9½ or $1,200, plus fees and commissions.
**** 12/9/2025 – We now have nice lead on this spread so I am suggesting we lower our stop (on paper) to 14½. That would be a scratch on the trade.
New Parameters: We are now looking to scratch the trade at -14½ OR to make 24 cents (price of +9½) = $1,200 Per Spread, plus fees and commissions.
**** (11/13/25) The (KEZ25-ZWZ25)-(KEH26-ZWH26) Condor opened up yesterday at +¼ and traded up to +1¼, so we could have sold evens or 0’s (par). So, we would have rolled our KEZ25-ZWZ25 long position at -14½ to being long the KEH’26-ZWH’26 spread at -14¼.
Risk 8 cents (price of -22½) or $400 to make 24 cents (price of +9½) or $1,200, plus fees and commissions.
- 11/5/2025: ZWH26-ZWK26 (MAR-MAY’26 Wheat-Spread)
Today’s Settlement: -7½, Long at -10½
Today (11/7/25) ZWH26-ZWK26 settled at -9¼, about 1 cent above the 14-day moving average (-10) and the 21-day moving average (-10¼). Because we are already long Wheat Spreads, we can be more patient trying to buy the ZWH26-ZWK26 Spread. If the spread gets close to these moving averages while staying above them, I think it might be a good place to get long this Wheat Spread. At this point, that would be around -11. The 52-week low is -13½.
Friday (11/7/25) I said, “If we are fortunate to get long ZWH26-ZWK26 at -10½ …. I suggest risking 3½ cents (price of -14) or $175 Per Spread to make 9 cents (price of -1½) or $450 Per Spread, plus fees and commissions.
(11/12/25), we open at -10½ and traded lower, so we are long at -10½.
**** New Parameters below …. Risk 3½ cents (price of -14) or $175 Per Spread to make 9 cents (price of -1½) or $450 Per Spread, plus fees and commissions.
**** 12/9/2025 – We now have nice lead on this spread so I am suggesting we lower our stop (on paper) to 10½. That would be a scratch on the trade.
New Parameters: We are now looking to scratch the trade at -10½ OR to make 9 cents (price of -1½) = $450 Per Spread, plus fees and commissions.
- 10/27/2025: ZLF26-ZLH26 (JAN-MAR’26 Soybean Oil Spread)
Today’s Settlement: -0.51, Long at -0.52
On Wednesday (10/29/25), the spread settled at -0.51 cents. That was 115.9% of full carry. So, we settled 15.9% above full carry. This spread does go above full carry-on occasion and how far it will go we never know, but I believe the risk/reward for getting long ZLF226-ZLH26 at these levels might be something to try, using a fairly short stop below the 52-week low with the hope of a nice move up (less negative).
I am suggesting that if we can trade above and settle above these moving averages, we try to get long this spread. We can pick our exact exit points when and if we are able to put this trade on.
Yesterday (11/18/25), ZLF26-ZLH26 traded above the 14-day and 21-day moving averages and settled above them at -0.51. I still believe it might now be a good time to get long this spread. Please see above. Today it settled at -0.53. I suggest trying to by this spread when it reopens at -0.52 or better. If you are not filled on the opening, I think you could keep a resting bid in at -0.52. We can pick our exit points depending on when, if and where we are able to get long.
**** (11/20/25) ZLF26-ZLH26 opened at -0.53, so we are long (on paper) at -0.52)
Risk 16 ticks (price of -0.68) or $96 to make 48 ticks (price of -0.04) or $288 Per Spread, plus fees and commissions.
- 10/1/2025: SBH26-SBK26 (MAR-MAY’26 Sugar #11 Spread)
Today’s settlement: 0.37, Long at 0.42
On 10/1/25 I said, “I think it might be a good play to bid today’s settlement (42 cents) or better when the Sugar market opens.”
On 10/2/25 the market opened at .41, so we are long at .42.
Risk 24 cents (price of .18) or $268.80 Per Spread to make 50 cents (price of .92) or $560.00 Per Spread plus fees and commissions.
If you have any thoughts/questions on this article or any questions at all in regard to the commodities futures markets, please use this link Sign Up Now
Rich Moran
Senior Commodities Broker
Direct: (312)985-0298
Cell: (773)502-5321
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
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