Corn is the new crude. A New York Times editorial, "The Price of Corn" (Feb. 6, 2007) settles the case. After several years as commodity darling of the media, black gold is being upstaged by the organic gold of the American heartland. As a result of concerns about over-dependence on high-priced oil, ethanol has become a major factor in the energy equation. Because ethanol is derived from corn in the U.S., it has also become an important factor on the demand side of the corn equation: For the first time in a long time, there may not be enough corn to go around; rationing may be required. And more so than in individual corn futures contract prices, it is in intermonth price relationships, such as the July-December spread (the "old crop-new crop" spread), where you see the market’s rationing impulse most clearly. This could lead to interesting spread trading opportunities.