New crop hedge recommendation:
There are two ways to approach the hedge, one can be with a fixed hedge to arrive contract (if you can get them done), or the other will be buying short-dated puts and continuing to leave the upside open.
Buy the August 550 Short-dated corn put for 35 cents on 35% production.
Buy the August 1340 Short-dated bean to put for 55 cents on 35% production.
Remember short-dated options get you to the end of July, and if the weather is looking optimal and prices are collapsing, and we are in the money for December corn and November futures contracts. We can either roll the premium forward or take delivery on the contract from an elevated price. December and November options are too expensive to get a reasonable net price.
If you can get a new crop sale off without an abnormal basis, then make a 35% sale of corn on the December contract at 565.
The same as with corn, if you can make a new crop sale without a huge basis, then make a 35% sale on the November bean contract at 1355.