News
Export sales data for week ended Feb. 2 showed net cotton sales of 262,800 RB, which was up 54% from the previous week and 58% from the prior 4-week average.
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Grain and soy futures traded solidly higher overnight, led by old-crop soybeans.
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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.
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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.
Soybean futures recouped a portion of Monday’s losses overnight, while the corn market gave back yesterday’s gains and wheat futures showed a mixed tone.