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After the Bell |February 7, 2023

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.

After the Bell | February 6, 2023

The focus for the U.S. balance sheets will be the usage forecast, while the global focus will be on production.

Although soybean export inspections were down over 100,00 MT from the previous week, they continue to prove consistent. Wheat inspections topped pre-report expectations, while corn landed just above the low-end estimate.