I'm about 3 years ahead of you on forward contracting.
Sounds like you are planning well.
Puts & calls get complicated when you have small acres & only local elevators around.
Also 'hedge to arrive'.
Some of these let you seperate CBOT prices from local (called 'basis' prices, so you get to try to guess both the CBOT prices and the local basis prices. Two times as much stuff to keep track of.
To do it right, you need to park the tractors & become a marketer, keep up with the fellas in suits.
Starting out as you are is a good thing, learn for the 1st year.
These past 2 years have been just odd for selling grains, nothing is as it should be.
Be careful of getting advice from your local leevator; I learn a lot from them, but understand they are _buyers_ of grain, and even their good advice comes from a buyer's point of view, not a seller's point of view.
Three years ago the coop marketing guy said prices are so low, we should sell some crop for the next 3 years to ensure the best of the worst prices. I kinda chuckled. If I'da listened to him, I'd have some $2.58 corn locked in to this fall yet! You don't lock in historically low prices.....
Likewise last year, they stopped buying contracts from us farmers - before that we were partners, had to plan together, work together, partners you know. But, opps, prices are historically high, so we won't market your grain into the future at these prices! So much for the 'partnership'.
Remember you are learning & gaining knowledge on marketing, but it's your stuff, don't let others talk you into stupid deals.
You don't sell 3 years of grain at a historical low point, and look for other buyers when someone stops working with you.
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