I do not think you can get out of your elevator contract, unless they want you to get out.  Period.

Now you can use options to protect yourself from falling or rising prices.  Depends on if you buy a "put" or a "call".

I use this mental helper.  A "put" allows me to put grain up for sale at a specific price.  A "call" allows me to call or purchase grain at a specific price.  Now the price you want to sell or buy a contract for, called the "strike price" will be determined by (1) demand for people to own or sell the "strike price" (2) how much and fast the market is moving (3) the current futures price.  It would be the future price of July 2011 wheat. 

I buy puts if I think the market is at it's top and I buy a call if I think the market is still going up. 

I do options because (1) they limit the amount of money I can loose (2) they have no call margins to pay.  Options move at about 1/2 the rate the futures market moves.  Example.  July 2011 wheat goes up 25 cents today.  Calls will go up between 8 to 15 cents that day. 

I would encourage you to do a trade on paper, meaning look at the board.  Write down what you would do, if you actually did it and then see what happens to your written trade over a period of time, like a week or two. 

I am sure you will get other good advice here.   Enjoy.