I think one of the major trends for 2010 and going into 2011 is the continuing high level of commodity prices for most grains, livestock, sugar, cotton, etc. In 2008, we had high level of prices in the grains, however, the pricing for livestock was much lower and cotton was close to a $1 cheaper than it is now.
For 2011, it appears that these trends may continue and may even accelerate to higher levels. As farmers, I think we sometimes assume that these prices will be there for much longer than actually happens. I would suggest at least looking at locking in some of these high prices for your 2011 crops and then still participating in some upside potential by using some out of the money options as cheap insurance.
Anytime you can lock in over $1,200 of gross revenue on good corn acres, you should make an excellent return on your crop input investment.