In the chart below, I have highlighted the actionable places I see on the chart. I am saving this chart for further reference in the future to help explain the tools I use, and will explain further in a nearby future post. For now, know that we are at a useful place in the market to lift hedges or to sell some puts. The number on the chart is at 16. This would be in a similar place as the market was back on number 5.
The plan as I see it would be to lift hedges for now, or to sell some short dated puts. Price is .42 off the crop insurance floor if you carry an 85% crop insurance policy, so a sale now is not removing that much risk. The next actionable area would be once prices pushed back into the 200 day moving average around $8.00.