WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 8/27/2026
DEC WHEAT-CORN SPREAD (ZWZ26-ZCZ26)
Wheat and Corn have obviously been on the rise. They have both made 52-week highs over the last couple days. The talk on the street is $6.00 Corn and time will tell. Every Wheat farmer I speak with has had little to no luck with their wheat this year. I do also hear disappointment with the Corn crop, but not quite to the same degree.
The recent run up in the Wheat market has been accompanied with an increase in open interest. So, the Wheat market could have new long believers that may help maintain its strength. The Corn market, on the other hand, has had a decline in its open interest during the recent run up. Some of the strength in the Corn market may have been from some weaker shorts exiting the market, thus resulting in a decline in open interest and less built in support.
I think the changes in open interest during this recent rally in these markets could support relative strength of DEC Wheat (ZWZ26) over DEC Corn (ZCZ26), at least in the near term.
I suggest that when the market opens this evening, try to buy the DEC Wheat-Corn spread (ZWZ26-ZCZ26) at 221. I would work that bid GTC (Good-til-Canceled) for now.
If you get filled : Risk 17 cents (price of 204) or $850 to make 25 cents (price of 246) or $1,250 Per Spread, plus fees and commissions.
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Rich Moran
Senior Commodities Broker
Direct: (312)985-0298
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