JULY-DEC WHEAT SPREAD (ZWN25-ZWZ25)
5/28/2025
Settlement : -38.5
Day’s Range : -39.25 to -38.25
52 Week Range : -42.5 to -1.75
The July ‘25/Dec ’25 Wheat spread has been hovering in a range from about -41 to -34 for the past few months, near its 52 week low of -42.5 on 3/28/25.
The Wheat market itself has experienced some bargain hunting as there has been an increase in our wheat exports and there appears to be some support at these levels for Wheat.
If the Wheat market starts to strengthen, I feel the JULY-DEC WHEAT SPREAD may follow suit and it could be a good time to start buying that spread as July (ZWN25) could lead the way up ahead of December (ZWZ25).
I suggest starting with buying the spread at -39 and then -40, -41, -42 and -43. If we are able to buy all five levels, we will be long 5 spreads at an average of -41.
Risk 8 cents (-49) or $2,000 Per 5 Spread Package to make 24 cents (-17) or $6,000 Per 5 Spread Package, plus fees and com missions.
For the Wheat Spread Mini :
Risk 8 cents (-49) or $400 Per 5 Spread Package to make 24 cents (-17) or $1,200 Per 5 Spread Package, plus fees and com missions.
Richard Moran
Senior Commodities Broker
Direct: (312)985-0298 Cell: (773)502-5321
