All the most interesting spreads involve corn. Oats, CBOT wheat, ethanol: they are all very cheap against corn. "Synthetic feedlots" show losses on feeding corn to cattle.
In the case of real feedlots and ethanol plants, it doesn't seem they have the profit margins to continue high rates of corn consumption. In the case of oats and soft wheat, demand seems very likely to grow from substitution demand replacing corn.
Any trade involving shorting corn will will going against the trend and market sentiment toward corn and, therefore, must be done will low leverage, great caution and patience.
In wheat, the long March/short May calendar spreads never worked out for me. Still, I am looking at taking a similar position in the MGEX May/July. The cash market is at a strong premium to the March futures and when we have seen that in previous years, it has been accompanied by a move to backwardation in MGEX futures.
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