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This episode delves into the early and unexpected movements of grain markets, particularly corn and soybeans, highlighting how weather, geopolitics, and fund money are creating volatile conditions. The hosts discuss the challenges of corn marketing with limited rallies and the critical role of storage, basis management, and hedging flexibility as margins tighten. They also touch on the difficulties of hedging cattle due to an underpriced board and the importance of adapting strategies for future crop years amid market unpredictability.
Just when it looked like higher oil prices and geopolitical uncertainty might support grain markets, the opposite happened. Funds have started liquidating grain positions while oil continues to climb, creating one of the most confusing market environments producers have faced in years. Jon Prischmann and Ryan Tungseth break down why corn, soybeans, and wheat are struggling despite bullish outside-market influences, what fund liquidation means for grain prices, and why weather remains the biggest...
For the last two seasons, the corn market followed a familiar script: strong planting pace, ideal weather, and a steady grind lower into summer. Jon Prischmann and Ryan Tungseth explain why 2026 may be setting up very differently—and why treating this year like the last two could be a costly mistake. They break down the key differences already showing up across the western Corn Belt, including expanding dryness, elevated oil prices, and a market that feels far more sensitive to outside forces th...
This week's Hedge Heads episode dives into one of the most difficult grain marketing environments producers have faced in years. Jon Prischmann and Ryan Tungseth break down why today's market feels eerily similar to 2008, with rising oil prices, climbing interest rates, inflation fears, and geopolitical tension all colliding at once. The problem? Fundamentals still don't fully support the rally. Soybean and corn spreads continue to signal weak demand underneath the surface, even as headlines abo...
Oil is surging, wheat has finally woken up, and the grain markets are turning increasingly volatile. Jon Prischmann and Ryan Tungseth break down why keeping the upside open has remained the right strategy, even as emotions rise alongside the markets. They discuss the inflation-driven rally across commodities, why wheat spreads are flashing warning signs, and how corn continues to show resilience despite heavy acreage expectations. The episode also dives into growing dryness concerns in the North...
This is one of the most important—and most misunderstood—windows in grain marketing. Jon Prischmann and Ryan Tungseth break down why the next five to six weeks can define your entire marketing year, and why locking in too much too early during this stretch can quietly limit your profitability. With markets swinging wildly on energy moves, uncertain global negotiations, and a weather pattern that's anything but clear, the temptation to "just take a price" is as strong as ever. But this is exactly...
This is it—the stretch of the year where grain marketing decisions matter most. From now through mid-June, markets tend to find their highs, but this year isn't coming with an easy story. Planting progress is running ahead of normal, conditions look about as ideal as they can be, and yet money continues to pour into commodities, keeping prices elevated without strong fundamental backing. Jon Prischmann and Ryan Tungseth break down the tension between a market that wants to go higher and one that...
Markets are moving higher—but the foundation underneath them isn't telling the same story. In this episode, Jon Prischmann and Ryan Tungseth break down a growing disconnect across the grain markets, where soybeans are climbing on fragile footing while corn is quietly strengthening in ways that matter. They explain why this rally has echoes of 2008, how inflation-driven buying can create opportunity—and risk—and why spreads and carry are flashing warning signs in beans. The conversation shifts to...
This week's episode brings a different perspective to Hedge Heads with special guest Ashley—better known as @TheeGrainLady on X. Her path into agriculture didn't follow the typical route, but it led her to one core belief: marketing should work for the farmer, not the system. Ashley breaks down the critical difference between selling grain and actually managing risk, and why too many producers rely on a single outlet instead of a full strategy. The conversation digs into how basis, logistics, an...
After a short break, the Hedge Heads crew is back—and the market hasn't gotten any easier to read. Money has poured into commodities on a renewed food inflation narrative, but the structure underneath isn't confirming the move. Oil has taken center stage, pulling attention across every market, yet grains are starting to disconnect in ways that raise more questions than answers. Jon Prischmann and Ryan Tungseth break down why soybeans may be the most vulnerable market right now, what warning sign...
This isn't a market you can afford to be rigid in. With volatility shifting and key reports ahead, Jon and Ryan focus on one core idea: keeping your upside open while still protecting profitable prices. They break down how to approach marketing decisions in corn, soybeans, and wheat over the next two months, and why simple "sell or hold" thinking won't cut it. The conversation also dives into volatility strategies, what the March planting report could trigger, and how outside markets like oil ar...
This week's episode moves as fast as the markets themselves—and that's the point. After weeks of quiet trade, volatility is back in a big way. Soybeans dropped sharply in a single session, exposing just how much of the recent rally was driven by fund money rather than real demand. At the same time, oil has taken center stage, pulling attention toward soybean oil, energy markets, and the ripple effects across grains and livestock. Jon and Ryan break down what's actually happening beneath the surf...
Commodity markets turned chaotic this week after crude oil surged nearly $30 overnight before reversing just as quickly. That kind of volatility created a narrow window where grain marketing orders were triggered fast—and plenty of others were missed. Jon Prischmann and Ryan Tungseth break down why having orders in place ahead of time matters in markets like this, and why producers without a plan were left scrambling. They also discuss why corn struggled to participate in the rally, why funds co...
Oil spikes. Volatility jumps. Soybeans rally on headlines that, fundamentally, don't make much sense. Welcome to one of those markets. In this episode of Hedge Heads, Jon and Ryan break down how escalating Middle East tensions are rippling through crude oil, grains, cattle, currencies, and even outside markets like gold and silver. Oil is the key gauge right now—but soybeans have taken the spotlight, with funds aggressively defending positions despite heavy global supplies and record South Ameri...
Soybeans have ripped higher on fund buying and China chatter, but the cash market and spreads are telling a different story. Jon Prischmann and Ryan Tungseth break down why this bean rally looks more like momentum than real demand, how to think through old and new crop hedge strategies, and why having "one hoop" in your marketing plan beats hoping for three miracles. They also dig into hogs, where summer premiums are getting stretched and spreads are flashing potential opportunity for those will...
In this special Insider preview episode, we open the door to how we really read markets—through spreads, not headlines. Crude oil gave a warning sign on the way down, staying inverted even as prices slid. That unusual structure hinted the selloff wasn't as bearish as it looked—and now oil has rallied. The big question: are grains flashing the opposite signal? We dig into widening corn and soybean carries, what they suggest about old crop pressure, and why old crop may be more vulnerable than new...
It's mid-February, and instead of the usual spring buzz, grain markets feel flat. Prices aren't terrible, but they're not good either. And that's exactly the problem. In this episode of Hedge Heads, Jon Prischmann and Ryan Tungseth dig into what might be one of the toughest decision windows producers have faced in years. Soybeans have rallied, but widening carries and weak export numbers raise questions about how real it is. Corn is hovering in a range that feels vulnerable, with new crop decisi...
Warm weather's arriving—but that doesn't mean optimism is. In this week's Hedge Heads, Jon Prischmann and Ryan Tungseth dig into the gloomy outlook facing grain producers this spring. With old crop dragging, inputs still high, and no crop battle in sight, many are asking: What can you actually do in markets like this? They explore why swing trades and short-term spreads might be the only way to stay in the game, how a surprise bean rally shook things up, and why cattle hedging deserves serious a...
It's decision time. Corn and soybean markets are stuck in tight ranges—but the clock is ticking. This week, Jon Prischmann and Ryan Tungseth break down why February could be the most important month of the season for old crop and new crop planning. They cover key price levels to watch, how cold weather has slowed grain movement, and what the spreads are saying about commercial demand. More importantly, they lay out re-ownership strategies using July vs. September corn calls, and why getting the ...
This week's episode is focused on corn, and why it's time to make some decisions. Jon Prischmann and Ryan Tungseth break down old crop and new crop strategies, outlining three paths producers are considering right now: lock in with hedge-to-arrives, wait for a price rally, or sell and re-own the upside with inexpensive September calls. With strong demand being outweighed by burdensome stocks and expectations of a 95+ million acre planting season, there's limited room for upside without a major w...
This week on Hedge Heads, Jon Prischmann is joined by farm management coach Brett Oelke of Innova Agra for a deep dive into the part of risk management most producers skip—and pay for later. They break down why hedging without a true cost-of-production plan sets farms up to fail, how misaligned bankers quietly limit marketing decisions, and why elevator contracts alone won't cut it in today's margin environment. The conversation digs into building real budgets, using spreads and options to add r...
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...
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...
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. The...
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 un...
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 over...
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....
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...
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.
Corn is finally moving, but nobody agrees on what comes next. This week, Jon Prischmann and Ryan Tungseth break down why incremental sales make sense in a rising market, why USDA numbers matter even when nobody likes them, and how to keep the upside open without overspending on premium. They dig into the surge of money flowing into commodities, the uncertainty around South American and U.S. weather, and why short-dated options may offer more value than they have in years. The conversation also t...
