Brian Grete

The firmer tone from overnight is expected to carry over to daytime trade.
Corn and wheat futures posted corrective gains overnight, while soybeans also traded higher despite weakness in soymeal.
Soybeans are expected to open with a firmer tone. Corn and wheat are expected to open mixed.
Soybeans are firmer this morning on followthrough buying, while corn and wheat are pivoting on either side of unchanged.
Cash hog prices show signs of a seasonal low.
The mostly firmer tone overnight is expected to carry over to daytime trade as traders await USDA’s reports later this morning.
Grain and soy futures traded solidly higher overnight, led by old-crop soybeans.
USDA forecasts net farm income will decline $25.9 billion (15.9%) from last year to $136.9 billion, driven partly by an expected $5.4 billion (34.4%) drop in direct government payments.
Farmer sentiment was up 11 points (9%) from year in January, according to the Purdue University/CME Group Ag Economy Barometer.
Rather directionless trade is expected this morning as traders prepare for Wednesday’s USDA reports.