Sell 5.50 July Put; purchase 2 6.00-6.50 bull call spreads
If unchanged from today's close; it returns about 40 cents, not forced to own until a 70 cent break at experation
Best benefit is on a 30 cent rally it returns about 1.00 a bushel
Drawback will be exiting as until we get close to experation or see that markets move dramatically it will be hard to get anywhere close to experation possiblites
Volatilty is high so buying options whether as protection or re-ownership has a chance to work; but most trades will be tough; so it might make sense to lock at sellling some to help cheapen cost and turn the odds a little in ones favor
Watch out for selling too many options; because leverage can kill one when the market throughs us for loops as it usually trys to do
Typical protection play is buy a put and re-ownerhsip is buy a call; but other things can be considered when looking at more advanced hedge strategies. Such as selling a put at a level you would want to support or buy a commodity at; selling a call against grain that one owns, or the combination as well as otther compinations that potentiall add even more legs
I didn't discuss simply strategy of selling cash grain and selling put against as re-ownership level.