So with that option you were so far out of the money, that you basically lost all of the time value and corn when you bought that was 70ish cents higher.   I would've argued the 300 so low that the number itself was the floor.   Plus you have PLC and INS to protect prices in that range.  

Yep, other ways to do things but you added another tool to be utilized.  Good experience to learn from and grow.