SOYBEAN OIL 

AUG-DEC ’25 SOYBEAN OIL SPREAD ZLQ25 – ZLZ25
Daily Settlement	↑ (-0.13)
14 Day M/A	↑ (-0.34)
21 Day M/A	↑ (-0.33)
14 Day High/Low	N/A
YTD High/Low	N/A

RICH MORAN                                                                                                       6/27/2025

                            AUG-DEC SOYBEAN OIL SPREAD (ZLQ25-ZLZ25)

With Grain Stocks and Planted Acreage coming out on Monday, we will surely know a lot more this time Monday.  Unless you have a strong opinion, it is probably a good time to “wait and see”.

I believe soybean oil may have been dragged down by crude oil for the last week or so.  With bean oil slightly lower again today, the Aug-Dec Soybean Oil Spread (ZLQ25-ZLZ25) settled up 16 cents to -0.13.  That being said, if bean oil can get back to an upward trend, I believe the spread may also see an upward trend.  I think this spread could even hang tough if the soybean oil market softens.

Over the past 52 weeks (ZLQ25-ZLZ25) has traded as high as +1.82 (7/1/24) and as low as -0.79 (6/20/25).  Historically this spread spends more time in positive territory than negative territory.  I think that trend may continue, and I would look to get long this spread if we can get it back down to near -0.50.

I suggest waiting until after Monday’s releases and then we can re-evaluate things.  Have a great weekend!

If you have any thoughts/questions on this article or any questions in regard to the commodities futures markets, please feel free to contact me at;

Rich Moran

Senior Commodities Broker

RMoran@walshtrading.com

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.

Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 

All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.