I was wondering if anyone here has much experience in spread trading agricultural futures. I've been participating in corn and wheat over the last year or so, but reviewing the market move, I could have got an even better risk/reward early in my trades by using spreads (long old crop short new crop). It would seem to lower the risk of "sitting" long the commodity, before the move has really gotten underway. Once the move has gone a certain distance, the spread starts to trade like an outright long and so the risk is much higher - but until then, it seems like a good way to buy & hold while you wait for the momentum to pick up. It seems almost like a call option but without the time decay. Am I missing something here or is this a good approach? Anyone tried this approach to trading the agriculturals & soft commodities? Wheat, grain & beans, but also stuff like OJ, Cotton, Sugar etc.