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To clarify, it’s the farmer or resource producer shorting or selling the future to protect against the price falling (where the short will make money) while the buyer of a future (processing industries, farmers needing feed, etc.) does so to protect against high prices (where the price goes up unexpectedly). You can also do this with options on futures for presumably more leverage.

That said, it varies by regional availability. For instance, Canada has fewer options: https://www.producer.com/2017/11/hedging-with-u-s-futures-an... To properly hedge a Canadian producer using a US future you’d need to also hedge against the Canadian dollar, presumably. And hope that the weather and such is similar enough.