Three days ago I wrote Adios Wheat/Corn spread. With the FSA acres yesterday, and WZ unable to make much headway from its contract and 14-month lows, we are at the 1/2 point of the recent trading range which saw spread bottom at 148.50 in July and rally up the the recent resistance at 2.10. Consider scale in buying at 173 to 170. Be willing to run fast though, if it takes out support at 166, and possibly even flip on the short side if that happens.
Its a spec trade and you have to watch it and not fall in love with it, but a good by against 170 might produce a chance to scalp 10 to 15 cents on a bounce.
As always, you have to have an exit strategy BEFORE you establish the position.
CER