This paper develops the methodology used to investigate the pricing efficiency of farm level corn prices in a minor surplus production area (Western New York) located Within a much larger regionally deficit, producing area. The results Indicate that from January 1975-June 1976, farm level corn prices in Western New York were not competitively efficient. However, Western New York corn prices were competitively efficient after mid June 1976. A conclusion is that Western New York corn prices became competitively efficient after two new relatively large buyers located in the area.