WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 9/22/2026
NOV-MAR FEEDER CATTLE SPREAD (GFX26-GFH27)
In the short term (OCT & NOV), I am bearish the Feeder Cattle market at the current levels, especially versus this coming spring (MAR & APR). The spread between the NOV and MAR Feeder Cattle markets (GFX26-GFH27) settled today at 12.775 ($12.77½). That is a pretty large differential and not too far from its high of 14.400. I think this could be a good risk/reward trade if we short this spread with a stop just above its high.
What I am suggesting is when the market opens tomorrow, try to sell the NOV-MAR Feeder Cattle Spread (GFX26-GFH27) at 13.000. That is 22½ cents above today’s settlement. If you are not filled on the opening, leave a resting (GTC) offer in at that price. If you get filled at 13.000, I would stop yourself out at 14.500. This is just above the high in the spread. Otherwise, if we are correct, and the spread goes down, try to pay 10.000.
So, if you are able to sell GFX26-GFH27 at 13.000 : Risk 1.500 (price of 14.500) or $750 Per Spread, to make 3.000 (price of 10.000) or $1,500 Per Spread, plus fees and commissions.
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Rich Moran
Senior Commodities Broker
Direct: (312)985-0298
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