As long as he is long corn in the field of an equal amount it would not be naked as supposedly his field corn should also be increasing in value to offset the call position. Of course basis could rip him a new hole. Not to mention that the corn in the field will not make his margin payments till it is sold.

Marketing is easy as long as you do it theoretically on paper. When you actually start getting the margin calls it takes on an entirely different reality. Been there done that.

I cringe at some of the esoteric stuff "professionals" tell clients to do in the name of reducing risk and protecting profits. It looks to me sometimes they are introducing way more risk than they are protecting. But they get their commission or fee just the same. The ones I especially love are on the order of "sell two out of the money calls to cover all but two cents of the purchased put". Oh yeah..... that is real risk management.....as long as you are 100% sure the price will not go up.

John