Hedge recommendation: Recommend buying the August short-dated new crop 11.00 put at $0.28

The recommendation is on 50% production. Per the newsletter, this option expires on July 24 and covers 2 acreage crop reports, spring planting, and early summer weather. If the option expires worthless, this implies the current values could be much higher, allowing us to roll forward and buy a higher strike, potentially in the November option. For sophisticated traders, you can sell the November 1220 call for 28 cents to cover the cost. But there, the trade has to be monitored for trade activity and risk on a short call.