With the benefit of hind sight, I can clearly see what should have been done. I still would not have recommended heavy cash price sales, but would have instead protected the crop with a low cost put option strategy which would have set a floor. This could have been done for around .16-.17 cents per bushel for near month ATM puts. In hind sight, a bargain. That would have been an insurance policy against an adjustment that comes out of nowhere.
Portfolio managers for major stock funds employ this strategy all the time. The use of put options in front of earnings reports is done to spare the tax consequence of actually selling the stock. In stocks or commodities, you don't want to be stuck naked holding long positions when the funds become scared. The put option strategy is really the only way to play both sides in front of a report.
Moving forward, expect to see this option strategy recommended n front of all quarterly stocks reports. It has become a rule.