As market participants begin to look at Q1 and Q2 values, organic corn prices relative to conventional prices, remain near their historical averages. The five-year spread average (OYC-CME) is $4.35, slightly above the current $4.10 spread level. Little activity in the organic corn arena has allowed the spread to edge lower as conventional corn prices have bounced around, setting the stage for a potential rally in the conventional corn space due to the high short positions reported on Friday by the CFTC.

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