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.

Most option trades fail long before the market ever moves. In this Christmas episode of Hedge Heads, Jon Prischmann and Ryan Tungseth break down the real decision-making process behind option selection—why timeframes matter, when short-term options make sense, and why the cheapest premium is often the most expensive mistake. They walk through how market structure, seasonality, and volatility should drive your choices, not gut feel or sticker price. The conversation also touches on crude oil's unusual setup, where spreads are sending a very different signal than futures prices, and wraps with a candid look at cattle risk heading into the new year. If you've struggled to make options work, this episode focuses on the "why" that usually gets overlooked.

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End-of-year grain decisions are rarely about opinions—they're about math. In this episode of Hedge Heads, Jon Prischmann and Ryan Tungseth walk through the real numbers producers are facing right now: storing grain versus selling, when it makes sense to re-own with calls, and how to think about upside without exposing yourself to unlimited risk. They break down why boring markets can be the best time to plan, how seasonals and option costs factor into the decision, and why convenience often overrides better financial choices. The conversation also touches on cattle risk, why downside protection deserves attention, and why this market feels very different than the last few years. If you're trying to make clear decisions in a tight-margin environment, this episode focuses on structure—not guesswork.

A year ago, Jon was accused of turning bullish on corn—and lost a beer bet because of it. This year feels eerily similar, but the setup is different in one key way: the spreads and demand signals are telling a story most producers aren't paying attention to. In this episode, Jon and Ryan break down why corn's pipeline looks tighter than expected, what last year's spread behavior can teach us about timing sales, and the December window that could reveal whether this rally has real fuel behind it. They also dig into soybeans, where volatility keeps slipping even as futures slide, and cover the renewed uncertainty in cattle and wheat. If you're trying to understand what the commercial side is signaling—and whether it's finally time to rethink your bias—this is the episode to hear.

Most market chatter is noise. Spreads aren't.

This week, Jon Prischmann breaks down the one indicator he trusts more than any headline, analyst note, or social media hot take: the corn spreads that quietly revealed last year's top weeks before the break. He walks through how March–May corn acted ahead of the 2023 peak, why commercials can't hide their real needs, and how spreads give producers the earliest—and most reliable—warning sign that a market is running out of gas.

Jon and Ryan also dive into why basis can mislead, what makes corn spreads different from beans and wheat, and how this year's structure compares to the last three crop cycles. They wrap with a fast-moving look at cattle's explosive rebound, option mispricing, and why volatility is rewriting the rules in multiple markets.

If you've ever wondered how to know when the top is really in, this episode lays out the roadmap.

Corn is offering profits, but the real question is whether it's worth locking in this early. Jon and Ryan break down why giving up a few cents to buy time may beat jumping into a hedge, how short-dated and September calls can change the math, and what political headlines are doing to soybeans. They also touch on cattle's rough patch, basis-roll decisions, and why staying flexible matters in fast-moving markets.