Planting Is Straightforward. Markets Are Not.

Why It’s a Week to Stay Sharp, Not Get Cute

It’s All Go in the Field—But the Market’s Not Giving You MuchAs spring planting picks up speed across the Corn Belt, traders are facing a different challenge: volatility without direction. Corn still holds a premium over wheat and other feed grains, but that gap isn’t offering much clarity. In this week’s Hedge Heads, Jon and Ryan dig into a market that feels like it should be saying something—but isn’t.

Corn: Not Expensive. Just Risky.Corn is priced higher than other feeds, but it’s not paying well. Hedging feels risky. Waiting feels risky. And yet... the market just isn’t giving any clean signals. The spreads aren’t offering a setup, and neither are the fundamentals. This is a “watch everything, trade very little” kind of week.

Wheat: Looks Cheap. Still Not Easy.Wheat is beat down, but that doesn’t mean it’s time to jump in. Spreads are quiet. Options are expensive. And the window to act is small. Jon walks through what to watch—and why patience still feels like the better strategy.

Cattle & Outside Markets: Margins, Moves, and Mixed SignalsCattle are back near highs. Gold’s screaming. The Dow is sliding. None of it is creating confidence—just more uncertainty. Margin call selling could still hit the winners, and a Japan deal or economic headline could swing sentiment fast.

Final Thoughts: Just Because You Can Act Doesn’t Mean You ShouldPlanting is the priority right now. But don’t lose sight of what the markets are doing—because they’re doing something. It’s just not making sense yet. Keep your eyes on the spreads, the funds, and your own risk plan. When the opportunity shows up, you’ll want to be ready.

Listen to this week’s Hedge Heads for the full breakdown and ideas to keep on your radar.