WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 11/6/2026
SEP-DEC KANSAS CITY WHEAT SPREAD (KEU27:Z27)
September Kansas City Wheat (KEU27), aka “September Hard Red Winter Wheat”, made its 52-week high of 855 on 9/1/2026. It has been trending down ever since. Today it settled 656½ and that is another new low-settlement since it made that 52-week high on 9/1/2026.
The SEP-DEC KANSAS CITY WHEAT SPREAD (KEU27:Z27) also made its 52-week high of negative (-)¾ on 9/1/2026. It has been trending down ever since as well. Similarly, this spread settled today at -15½ which a new low-settlement since it made its 52-week high on 9/1/2026. KEU27:Z27 has not settled above either the 14-day or the 21-day moving average since 9/11/2026. The charts for the September Kansas City Wheat (KEU27) and the SEP-DEC KANSAS CITY WHEAT SPREAD (KEU27:Z27) are almost identical.
I am patiently waiting for the Kansas City Wheat market to turn around to the upside. I am definitely NOT suggesting to buy it here and now. However, if and when the SEP-DEC KANSAS CITY WHEAT SPREAD (KEU27:Z27) is able to trade above and settle above both the 14-day and the 21-day moving averages, it might be a good time to give it a shot.
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Rich Moran
Senior Commodities Broker
Direct: (312)985-0298
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
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