At this time, it looks like a big corn crop for 2012/2013. Projected acres are over 94 million.

Furthermore, it looks like the weather will be favorable for early planting in the Corn Belt. Time will tell.

Old crop corn is in demand. It appears that the demand for old crop corn is holding up the price for new crop corn and for wheat. Fundamentally, wheat should not be going up in price with the current supply.

It may be time to place price floors on wheat and new crop corn. You can do that in three ways:

• Crop insurance — Revenue Protection will serve as a floor;

• Forward contract;

• Put option.

You need to chart out your potential crop. You do not need to place a double floor. If you have RP crop insurance at the 70 percent level, you may only need to consider a floor on the remaining 30 percent of your production.

If you forward, contract for 2012, consider how big a percentage of your expected production you will cover at this time. Your personal ability to tolerate risk impacts this decision heavily.

For me — I feel better if a profit can be achieved early. Others prefer to wait a little longer and see if a price spike occurs.

At this time we have 30 percent of our expected 2012 corn crop priced. If something unexpected happens and we expect upside potential, using a Call option to capture some upside is always available for purchase.

The USDA planting intentions will be published March 31. A lot can happen in 2 months as we all know.

For those unfamiliar with marketing jargon and using price protection tools, perhaps joining our twice-monthly grain marketing webinar series would be beneficial.

Check for additional details on this excellent educational opportunity at http://goo.gl/QzMCC.

(Another look at the corn market can be found at http://southeastfarmpress.com/markets/corn-market-remains-unsettled.