Ag trade ideas

KC Wheat is where all the action is this week. Angie Setzer (great ag follow on Twitter as "GoddessofGrain") is posting picture after picture of dead wheat stalks covered in snow.
 
Is it normal for the spreads to go completely crazy when near term prices get squeezed like they did in live cattle? The June/Aug spread jumped over 5cents the last few days.
 
Long NY Cocoa UZ17 (disclaimer: has a lot of front-month correlation):

Chart_17-05-05_10-17-07.png
 
What is the basis of your trade apart from the technical setup? I can find a case for being long cocoa outright( Curve is bullish in NY ) but not really this spread. I haven't studied fundamentals though...
 
What is the basis of your trade apart from the technical setup? I can find a case for being long cocoa outright( Curve is bullish in NY ) but not really this spread. I haven't studied fundamentals though...

Honestly, this one is more of an outright-in-mentality trade than targeting a specific spread. Targeting +10.
 
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