Worst hurt were those who had bought land or expensive machinery on credit, based on expectations of high wheat prices only to have the bottom fall out of the market. Benson's study covered five marketing seasons to determine how producers would fare financially if they hedged white wheat crops. But that's good if hedging allows a producer to avoid a catastrophic loss from falling prices. If there's a time when hedging may not be good strategy, it's when prices are very poor. If it can still fall, hedging makes sense, but if the risk of further declines is very small, this might be the time not to hedge.
Debt is a major reason to hedge.
Benson believes these circumstances argue strongly for a hedging strategy. If you think hedging is worth taking a look at, Benson recommends a little education. You could take a correspondence course, attend class at a community college, or read a book or two. But be careful what books you read. Ask your broker or accountant for a recommendation.