We like to own Puts, but only against our unpriced bushels.  Just a little "market insurance".  I'm still learning and have made my mistake in buying "spec" Puts.  I have had them expire worthless the last 2 years.  Lost $0.20 on puts and made $2 on cash prices.  Then this year I was sure that with late planting and PP that the price wasn't going to go below $5 so I got out.  Yeah, that hurt.  Woulda coulda shoulda had $0.50 on 3 contracts.  That's how we've been doing it and for just getting started it is the least risky for me and my 120 acres.  I hope I get a better feel before dad retires and I have to market 100,000 bushel.  I might have 1or2 years for that.  For now back to having a put in place if the market has any potential for larger downward movement (however I figure that out).

Also have a plan.  What triggers you to do something.  I was just winging it and trying to market my puts like grain.  Watching and trying to make the most money instead of protecting unpriced bushels.   That's what we've wanted from them and now have a plan as to what will cause a sell or buy.  And no more spec option until I have play money.