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After the Bell | February 16, 2023

Next CBO forecasts likely used for farm bill scoring | Vilsack tapping of CCC impacting funding for Title 1 in new farm bill

Brazilian bean crop estimate cut, USDA outlays for ag in the next 10 years up 65% from previous and Emmanuel calls out China’s balloon incursion...

Areas expected to see both above-normal temps and below-normal precip have been reduced from previous forecasts.

Net corn sales for week ended Feb. 9 were down 12% from the previous week, but up 15% from the prior 4-week average, while Wheat and soybean sales were down 32% and 35% from their respective 4-week averages.

Corn and soybeans are expected to open mildly weaker, while wheat is likely to see a mixed tone.

Debt-related budget cuts ahead for farm programs, other entitlements, but timeline unclear

Corn, soybeans and SRW wheat faced light followthrough selling during overnight trade, while HRW and HRS wheat mildly rebounded.

Increased cost of TFP alone greater than all other farm program spending combined

Farm diesel price falls to the lowest in nearly a year.