NOV-JAN SOYBEAN SPREAD (ZSX26-ZSF27) - WALSH PURE SPREADER
WALSH PURE SPREADER
Pure Hedge Division
RICH MORAN 9/24/2026
NOV-JAN SOYBEAN SPREAD (ZSX26-ZSF27)
The major grain markets have had a very bullish summer this year as they all made 52-week highs a few weeks ago. None have been stronger than the Soybeans with NOV Soybeans ZSX26 still only 18¾ cents off those contract highs. However, things look like they might be settling down a bit in the Soybean market. Some of the daily ranges have been large enough, but overall, the Soybean market has been trading sideways for the last few weeks.
The NOV-JAN Soybean Spread (ZSX26-ZSF27) is at 50% of Full Carry. That is the highest percentage in the major grain markets. Today this spread settled -14½. This spread was trending down (more negative) towards Full Carry as the outright Soybean market was rallying. Both seem like they might be leveling off for now.
ZSX26-ZSF27 had not settled above both the 14-day and 21-day moving averages since August 25th. Today it traded above, and settled above, both moving averages. I think if we can buy this spread just above the 14-day and 21-day moving averages with a short stop below those moving averages, we might have an opportunity for a good risk/reward trade. I am suggesting that when the market opens this evening, try to buy the NOV-JAN Soybean Spread (ZSX26-ZSF27) at -15. That is ½ cent below today’s settlement and just above the 14-day and 21-day moving averages.
If you are able to buy ZSX26-ZSF27 at -15:
Risk 2 cents (price of -17) or $100 Per Spread, to make 5 cents (price of 10) or $250 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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