I see nothing new - at all
And yes, I've seen it before. And worse. Doesn't mean some farmers who misjudged the cycle won't get hurt. And i'll guess the worrst hurt will be some of the current crop of expanding operations. It's always that way. Many of the smaller operations have off farm income that provide stability. The wheat market of 2007-8 exploded because the new order of low prices at that time completely broke down and was ignored by the experts. That happens too. Global reserves are good but they aren't extraordinary by any means.
And my strategy has been to be prepared for it. Because I HAVE seen it before. The most different thing is that banks are loaning money at very low interests rate which aren't nearly as low as commodity loans. There are quite a few tools to take care of ordinary cash flow issues and ride it out while belt tightening.