WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 8/26/2026
OCT-DEC SOYBEAN MEAL SPREAD (ZMV26-ZMZ26)
I am looking at Full Carry in the Soybean Meal market. I am skipping SEP ‘26 because we are only 19 days out from the last day of trading in SEP ‘26 Soybean Meal.
Full Carry for OCT-DEC Soybean Meal is 10.65. Today, the OCT-DEC Soybean Meal spread (ZMV26-ZMZ26) settled 6.20. That puts this spread at 58.2% of Full Carry. Disregarding the month of September I believe this is the closest to Full Carry of all the popular grain markets. An example is the OCT-DEC Soybean Oil spread is only at 31.7% of Full Carry. Full Carry is definitely not an absolute benchmark for commodity futures and can be very unpredictable, but I think this might be a good risk/reward trade.
I suggest that when the market opens this evening, try to buy the OCT-DEC Soybean Meal spread (ZMV26-ZMZ26) at -6.2 (today’s settlement) or better. If you are not able to buy it at -6.2 on the opening, leave a resting (GTC) order in to buy it at that level.
If you are able to buy this spread, risk 1.5 or $150 to make 3.0 or $300 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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