Puts are a great way to add premium to a managed futures account, you just need to sell them at the right time and then cover them with open futures if the market breaks the strike price and looks like its going to keep moving.
I hedge sometimes if the I am getting nervous and see trend reversing. Then I try to eventually use a dollar cost average strategy hoping the market retraces.
This report can make some difference in the markets, but really, its not the best indicator. In all realities, the best indicators change while the focus of market sentiment changes.