Spread Update
Despite the strong rally in corn, the carry in May/Sept corn has remained relatively steady around -25 yuan per ton.
The Sept/Jan spread has seen some strength recently as gains in the September contract have outpaced gains in the January 2026 contract. However, the January 2026 contract is also making new yearly highs.
May/Sept soybean meal and rapeseed meal are trading at relatively wide levels despite the smaller-than-expected soybean imports in March.
In hogs, May/Sept is...