WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 8/10/2026
DEC-MAR SOYBEAN MEAL SPREAD (ZMZ26-ZMH27)
As I have written about, I am a big fan of the Soybean Oil Market, along with the Soybean Oil Spread market. The opposite side of the Soybean Crush is the Soybean Meal market and the Soybean Meal Spread market. The Soybean Oil Spread that I particularly like being long is the DEC-MAR spread. So, I think a nice way to reinforce this could possibly be to get short the DEC-MAR Soybean Meal spread (ZMZ26-ZMH27).
ZMZ26-ZMH27 settled today at -5.7. This is just above its recent 52 week low of -6.5 that was made this past Friday (8/7/2026). The 14-day moving average for the spread is at -5.2 and the 21-day moving average is at -4.9. ZMZ26-ZMH27 has not traded above either of these two moving averages since July 27th. I think “the trend might be our friend” on this one, especially if it can stay below both moving averages.
I am suggesting that when the market opens this evening, try to sell ZMZ26-ZMH27 at today’s settlement of -5.7 or better. If you are not able to sell it at this price, leave a resting (GTC) order in to sell it at -5.7.
Risk 2.5 or $250 to make 5.0 or $500, Per Spread, plus fees and commissions.
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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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