1 Introduction 2 Deferred vs Front month prices 3 Option Strategies 4 Spread vs Stock-to-Usage 5 Remarks 1 Introduction We are interested in hedging away downside risk of bear spreads using call options on the near dated leg of a bear spread. This is a strategy that can be usefull for commodities, such as corn, which have weather markets that can drive the price action during certain parts of the year.