The U.S. grain marketing system frequently is cited as a fairly good working example of the perfect market concept. In general, research has shown that prices change as predicted, to account for the changes in the time, place, and form of the commodity. Much of the research done on grain prices over space has concentrated on the major grain producing states and/or has been cast in the Judge and Wallace general equilibrium framework. The author reports the results of an analysis of corn pricing efficiency in a minor surplus area (western New York) located in a much larger deficit area (the northeastern U.S.).