For the First Time in Two Years, Hedging Gets Interesting

For months, the message on corn was simple: don't get too aggressive and don't cap the upside. Now the market is finally starting to show why.

But the rally changes the conversation. For the first time in a couple of years, producers have enough margin to start considering different ways to protect profitable opportunities while keeping some upside open.

Jon Prischmann and Ryan Tungseth break down what has changed in the corn market, why strong demand and a potentially smaller crop have created a much different setup than the last two years, and why the next several USDA reports could matter more than usual. They dig into puts, calls, reownership and other ways to manage 2026 risk, plus why it may already be time to start watching opportunities in 2027.

They also tackle the sharp shift in cattle, what could derail the bullish corn story, and some increasingly interesting signals coming from the broader economy.