I would be short on both commodities by selling far OTM 3 month call options on their futures contracts. The tide is going against them IMO so I would just go with the flow.
this W U1/C U1 spread is shown on mrci and I considered it a little. My personal opinion is there is constant pressure on long wheat due to that variable storage rate mechanism. Local's posts in this forum pointed to this. Thus even wheat is more "valuable" than corn, I believe one should stay away from front month long wheat.
A new "funny" credit spread courtesy of CME website : 5 Corn Vs 2 Oats. Yep. Both legs should have the same kind of daily $ variations...