Spread Update
Corn spreads continue to trade in a narrow range. Corn futures have been relatively steady compared with the volatility seen in oilseed and protein markets.
In comparison, meal spreads have seen a large amount of volatility. The May/Sept traded to +76 on March 13 but is now back to a carry of 66.
Rapeseed meal spreads also saw large volatility, with May/Sept trading to +90 and now falling back to its previous range.
In oil spreads, May/Sept soybean oil has barely moved despite increased volatility in flat price due to the war.
Hog futures have continued to trade to even wider carries.
The full PDF of charts is at https://sitoniaconsulting.com/wp-content/uploads/2026/03/Spread-Update-2026-03-25.pdf
Futures Recap
