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Rich Moran                                                              9/17/2025

DEC Wheat-Corn Spread (ZWZ25-ZCZ25)

The DEC Wheat-Corn Spread (ZWZ25-ZCZ25) hit its 52-week high of 219¼ on 10/3/24.  It has been trending down ever since and hit it 52-week low of 93½ last Friday, 9/12/25.  This downward trend seems as though it may be running out of gas, but I would like to see it trade and settle above the 14-day and 21-day moving averages before making a trade on this.  Today the spread settled 101½ with the 14-day settling 104½ and the 21-day settling 108¼.

If we can get the ZWZ25-ZCZ25 spread to trade and settle above these two moving averages, I think getting long this spread with a relatively short stop could be a good play. I believe this might offer us a nice risk to reward trade.  I think we should risk about 15 cents or $750 Per Spread to make about 50 cents or $2,500 Per Spread, plus fees and commissions.

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Following up on the still active past trade ideas:

      *            9/12/25: ZLF26:H26:K26 (JAN-MAR-MAY Soybean Oil Butterfly)

Today’s settlement: -.20, Long at -.20

This is purely a Full Carry Comparison trade suggestion …. On Friday (9/12/25), I suggest trying to get long the ZLF26:H26:K26 butterfly on Monday at Friday’s settlement of -.20 or better (buying the JAN-MAR Soybean Oil spread .20 below where you sell the MAR-MAY Soybean Oil spread). Monday opened at -.20 and that was the high, so we are long at -20.

Risk 5 tics (-.25) or $30 Per Spread to make 20 tics (00.00) or $120. Per Spread, plus fees and commissions.

•          9/10/25: ZCZ25-ZCH26 (DEC-MAR Corn Spread)

Today’s settlement: -17¾, long at -17½  

Today, ZCZ25-ZCH26 spread settled at -17½, the high of the day.  This is just above both the 14-day and 21-day moving averages. 

On Wednesday (9/10/25) I suggested that if the ZCZ25-ZCH26 opens at -17½ (Wednesday’s settlement) or higher, trying to get long the spread (buying Dec-Corn versus selling Mar’26-Corn) at -17½.   

The spread opened at -17½ and traded lower, so we are long at -17½.  

 Risk 2 cents (-19½) or $100 Per Spread to make 6 cents (-11½) or $300 Per Spread, plus fees and commissions.  

•    9/5/25: LEV25-HEV25 (OCT Live Cattle-OCT Lean Hogs)

Today’s settlement: 133.775, Short at 139.900

On Friday (9/5) I suggested trying to get short the LEV25-HEV25 Spread at 139.900 or better on Monday.  We were able to sell the spread at 139.900 on Monday.

Risking 6.000 (145.900) or $2,400 Per Spread to make 18.000 (121.900) or $7,200 Per Spread, plus fees and commission.                                                                                                                                              On 9/12/25 we moved our stop down to our entrance price of 139.900 for a scratch.  I never like to turn a winner into a loser.

•    9/3/25: ZMZ25-ZMH26 (DEC-MAR Soybean-Meal Spread)

Today’s settlement: -9.7, Long at -10.2

On Wednesday (9/3/25) I suggested trying to get long the ZMZ25-ZMH26 Spread at Wednesday’s settlement of -10.2 or better when the market reopened for Thursday market.  The opening was -10.2 and it traded -10.3, so we are long at -10.2.

We are risking 1.3 dollars (-11.5) or $130 Per Spread to make 5 dollars (-5.2) or $500 Per Spread, plus fees and commissions.                                                                                                                                     On 9/12/25 we moved our stop down to our entrance price of -10.2 for a scratch.  I never like to turn a winner into a loser.

• 8/27/25: ZSF26-ZSN26 (JAN-JULY’26 Soybean Spread)

 If we can get back above and settle above the 14-day and 21-day moving averages, I think we should try buying the spread with a short stop below these moving averages.

Today, we settled -38½, slightly below the 14-day and the 21-day moving averages.

• 8/6/25: ZSX25-ZSF26 (NOV-JAN Soybean Spread)

Today’s Settlement: -19¼, long at -17½   

The spread settled above the 14-day and the 21-day at -17¾ on 8/21/25.  You should be long at -17½ from the open on 8/22/25.

Risking 3½ cents (-21) or $175 to make 9 ½ cents (-8) or $475

• 7/23/25: ZWZ25-ZWH26 (DEC’25-MAR’26 Wheat Spread))

Today’s Settlement: -18, Long at -18½ 

Risking 3½ cents (-22) or $175 Per Spread to make 10 cents (-8½) or $500 Per Spread, plus fees and commissions.

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Rich Moran

Senior Commodities Broker

RMoran@walshtrading.com

Direct: (312)985-0298

Cell: (773)502-5321

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