Hedge recommendation: Consider buying the May 460 Short-dated corn put on 25% production.

The market continues to stay pressured from recent contract highs, and this is a cheaper way of getting protection on through the USDA data. The option expires April 23, so it's essentially just buying insurance to get through the report in case it's bearish. If the market finds support right after the data, then the option is exited at whatever loss it becomes. But it's the most inexpensive, low risk way in. The August Short-dated 460 puts we own are currently worth $0.30, considerably more.