Both wheat and barley require about 140 GDD to go from mid-boot to heading. Wheat requires about 270 GDD to go from mid-boot to completion of flowering. Buying a put option makes sense. I am reluctant to suggest contracting. It's possible that seasonal price lows are being established as this is being read.
Much uncertainty remains about wheat yields, especially in western North Dakota, Montana and Canada.
Spring wheat condition ratings came in lower for the week ending June 14, continuing the trend down. We also have to get through the scab season. In addition, it's early in the growing season for most spring-seeded crops throughout the world. The Minneapolis Grain Exchange spring wheat futures price could drop considerably into harvest if these fears are not realized. For the September futures contract, the Minneapolis Grain Exchange was at a 56 cent premium to the Chicago Board of Trade on June 16.