Expecting to "make money" buying puts is kind of like saying you are going to Las Vegas to gamble to "make money"....... the deck is stacked against you. Puts and calls can be used to manage risk and can be good tools for that. There are a very few gamblers that can consistantly make money gambling at Las Vegas and there are a very few traders that will actually make money buying puts and calls but for the vast majority of us we need to look at options as risk management tools and not profit centers, no matter how much the CBOT would like to make us think differently. There is a reason they must disclose that you can loose money trading.

Really, if you want to make money with options the way to do it is to be the writer of the options but you either need deep pockets or the grain on hand to "cover" the option. I have written covered calls on common stocks that I owned a number of times with very good results. Have not tried it on grains though.

John