It is my opinion that sugar will be further pressured by stronger production numbers and shifting cane away from ethanol production to sugar use adding to solid supply and pressuring sugar prices lower. March 2019 Sugar Futures trading $12.34 last as of this writing, I am looking for Sugar to break lower to the $11.50/11.25 area, possibly testing $11.00
Consider March Sugar Put options which expire 2/15/2019, 80 days to expiration. The 11.75 Put cost .30 = $336.00 00 of quantifiable risk plus fees and associated costs per transaction to enter the trade. The 11.50 Put cost .22 = $246.40 of quantifiable risk plus fees and associated costs per transaction to enter the trade.
For a contrarian view and an upside hedge, consider the 13.25 Call costing .32 = $358.40 of quantifiable risk plus fees and associated costs per transaction to enter the trade.
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