This wasn't just a bad report...it was the kind of January surprise that forces you to rethink everything. Massive acreage changes, record yields, weak demand, and almost no volatility response left corn, beans, and wheat reeling. Jon Prischmann and Ryan Tungseth break down why this report is historically troubling, why it's different from past bearish shocks, and what it means for old crop, new crop, and even 2026 planning. They discuss why traditional hedging tools aren't working, what signals still matter when prices are under pressure, and where the few remaining opportunities might come from. It's a tough conversation—but one every producer needs to hear right now.

It's the first Hedge Heads episode of 2026, and the markets feel asleep. That's exactly why this setup matters. Jon and Ryan break down why the January 12 report could be the first real catalyst in a while, how to think about risk when corn has been stuck in a tight range, and what the spreads and basis are quietly signaling about nearby demand.

They also get practical on strategy: the overlooked "in-between" serial options, when short-dated coverage makes sense versus owning more time, and what it really takes for straddles and strangles to pay in a low-volatility environment. From there, the conversation widens out into cattle, where tight numbers are fighting questionable demand and policy pressure, plus a quick tour through oil's unusual structure and the strange strength in precious metals.

As always, the goal is simple: don't force trades out of boredom, but don't miss the moments when the market gives you a window.

Jon Prischmann and Ryan Tungseth are joined by Theta Farmer for a wide-ranging discussion on options, volatility, and what disciplined risk management looks like in today's grain markets. Rather than chasing trades, the conversation focuses on patience, timing, and understanding when the market is offering opportunity—and when it isn't. Theta shares how he thinks about selling time, managing positions before expiration, and why low-volatility environments often call for doing less, not more. They also touch on 2026 market outlooks, seasonality, and why having a plan matters more than predicting price direction.