It's the first Hedge Heads episode of 2026, and the markets feel asleep. That's exactly why this setup matters. Jon and Ryan break down why the January 12 report could be the first real catalyst in a while, how to think about risk when corn has been stuck in a tight range, and what the spreads and basis are quietly signaling about nearby demand. They also get practical on strategy: the overlooked "in-between" serial options, when short-dated coverage makes sense versus owning more time, and what it really takes for straddles and strangles to pay in a low-volatility environment. From there, the conversation widens out into cattle, where tight numbers are fighting questionable demand and policy pressure, plus a quick tour through oil's unusual structure and the strange strength in precious metals. As always, the goal is simple: don't force trades out of boredom, but don't miss the moments when the market gives you a window.

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