WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 4/14/2026
JUL-SEP ’26 CORN SPREAD (ZCN26-ZCU26)
July Corn (ZCN26) has trended down from 484 on 3/23/26 to 448½ this past Friday, 4/10/26. For the last few trading sessions, it may have stabilized somewhat and has been hovering just above 450.
I think higher fertilizer prices, as a result of the war with Iran, might have a greater impact on the amount of acreage used for corn this planting season than even expected. If I am correct, this lower supply of corn may bring a bid to the corn market. It also appears that the expected export demands from Mexico may be strong enough to help support the corn market as well.
The JUL-SEP ’26 CORN SPREAD (ZCN26-ZCU26) may be stabilizing along with the July Corn Market (ZCN26). Today this spread settled above both the 14-day and 21-day moving averages for the first time in a month (3/13/26).
I am suggesting that when the market opens this evening, bid -2½ for this spread. If you get filled, risk only 3½ cents (price of -6) or $175 Per Spread to make 8½ cents (price of +6) or $425 Per Spread, plus fees and commissions.