I don't know spreading well enough to put them on, plus I am most likely way too early trying to find the extremes. So I stay with method I made in 1991, as years pass, improved with hedging risk on opening positions, and hedging when retracement is likely to occur, insuring open profits. If deep enough retracement, add on/hedged towards long term trend. I know some are brilliant at fundamentals, but never made sense to me.
I’ll say that this pair doesn’t qualify as a spread. Are you justifying as two investments that aren’t correlated, for diversification? I’ll also add that US producers have learned the hard way that “free storage” is usually the most expensive storage there is. You hold the crop thinking there’s nothing to lose. Then you find out there was in fact something to lose. But you didn’t have to pay storage costs to lose that extra money. Then there’s the interest still accumulating on your production loan you haven’t paid yet. The most successful growers I know get rid of production as fast as they can and buy it back on the board when they feel it’s below fair value. This buying should show up on the COT report as exceptionally large commercial positions.