Last night there were traders who couldn't sleep in anticipation of this report.
They should be able to catch a nap today, corn and wheat are down a quarter-percent, soybeans are up less than that.
Coming up, acreage.
From the USDA's Grain Stocks Report, June 30, 2011:
Corn stocks in all positions on June 1, 2011 totaled 3.67 billion bushels, down 15 percent from June 1, 2010. Of the total stocks, 1.68 billion bushels are stored on farms, down 21 percent from a year earlier. Off-farm stocks, at 1.99 billion bushels, are down 9 percent from a year ago. The March - May 2011 indicated disappearance is 2.85 billion bushels, compared with 3.38 billion bushels during the same period last year.
Soybeans stored in all positions on June 1, 2011 totaled 619 million bushels, up 8 percent from June 1, 2010. On-farm stocks totaled 218 million bushels, down 6 percent from a year ago. Off-farm stocks, at 401 million bushels, are up 19 percent from a year ago. Indicated disappearance for the March - May 2011 quarter totaled 630 million bushels, down 10 percent from the same period a year earlier.
All wheat stored in all positions on June 1, 2011 totaled 861 million bushels, down 12 percent from a year ago. On-farm stocks are estimated at 131 million bushels, down 38 percent from last year. Off-farm stocks, at 730 million bushels, are down 5 percent from a year ago. The March - May 2011 indicated disappearance is 565 million bushels, up 48 percent from the same period a year earlier. ...MORE (19 page PDF)