The ETF CORN is currently hitting 8 month lows around the $39.00 level. But there is thinking that the story has a good opportunity to change directions in a hurry like last year.
For one, the weather is currently telling a troubling story. Most of the ground in the corn belt is too wet and cold to plant. Because of this, the same amount of planted corn might shrink this year. If the country goes through any sort of drought like last year, the chances of the price of corn rising to last year's level will be high.
Another reason why prices might rise is the that the level of reserves are going to be low this year. Not having as much reserves to sell is bound to affect the price during the summer.
Looking at the August call options would be the play right now. The CORN ETF does need to reverse above 42 before any action is taken. The time value is far enough off where it would not dwindle immediately. The move last year was violent. Even 50% of last year's move puts the price in the $46.00 level.
***Disclaimer - This is just an opinion and should not be taken as a recommendation. Do your own due diligence before trading or investing!***