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The mostly firmer tone overnight is expected to carry over to daytime trade as traders await USDA’s reports later this morning.

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Grain and soy futures traded solidly higher overnight, led by old-crop soybeans.

Speech could have been titled “Let’s Finish the Job” because he kept repeating the refrain

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.