Soybean Oil and Palm oil Spread.
Soybean oil and palm oil dominate the marketplace and account for roughly 62% of the total world production of edible oils. Both are considered "substitute goods" because food processors often switch between the two ingredients as the prices fluctuate. Theoretically this should limit the variability in price spread...
Synthetic FCPO Spread historical chart using 3rd month - 4th month
This is an useful chart if you like to take a look on the historical range of FCPO Spreads
Trading idea taken from www.straitsindex.com