Dramatic reversals to the upside for the futures.
From the USDA:
Released June 30, 2021, by the National Agricultural Statistics Service
(NASS), Agricultural Statistics Board, United States Department of
Agriculture (USDA).
Corn Stocks Down 18 Percent from June 2020
Soybean Stocks Down 44 Percent
All Wheat Stocks Down 18 Percent
Corn stocks in all positions on June 1, 2021 totaled 4.11 billion bushels,
down 18 percent from June 1, 2020. Of the total stocks, 1.74 billion bushels
are stored on farms, down 39 percent from a year earlier. Off-farm stocks, at
2.37 billion bushels, are up 11 percent from a year ago. The March - May 2021
indicated disappearance is 3.58 billion bushels, compared with 2.95 billion
bushels during the same period last year.
Soybeans stored in all positions on June 1, 2021 totaled 767 million bushels,
down 44 percent from June 1, 2020. On-farm stocks totaled 220 million
bushels, down 65 percent from a year ago. Off-farm stocks, at 547 million
bushels, are down 27 percent from a year ago. Indicated disappearance for the
March - May 2021 quarter totaled 795 million bushels, down 9 percent from the
same period a year earlier.
Old crop all wheat stored in all positions on June 1, 2021 totaled
844 million bushels, down 18 percent from a year ago. On-farm stocks are
estimated at 142 million bushels, down 38 percent from last year. Off-farm
stocks, at 702 million bushels, are down 12 percent from a year ago. The
March - May 2021 indicated disappearance is 467 million bushels, up
21 percent from the same period a year earlier.
Old crop Durum wheat stocks in all positions on June 1, 2021 totaled
27.5 million bushels, down 34 percent from a year ago. On-farm stocks, at
13.5 million bushels, are down 24 percent from June 1, 2020. Off-farm stocks
totaled 14.0 million bushels, down 42 percent from a year ago. The
March - May 2021 indicated disappearance of 14.7 million bushels is up
55 percent from the same period a year earlier....
....MUCH MORE And more to come.