Chicago Soymeal Hits Highest Since Late 2014

Corn: The market closed around 6-7 cents higher. Rising soybean prices at this point in the season aren't what the market wants or expects to stop corn sowings from falling. There's already talk of some 30-500,000 acres of intended corn not getting sown in the US this spring. There are issues for late planted safrinha corn in Brazil too. US weekly export sales for tomorrow are seen at around 1.0 to 1.3 MMT for 2015/16 delivery, and from 250,000 to 450,000 for 2016/17 delivery. China is auctioning off state-owned corn. Ukraine's 2016 corn crop is 96% planted. Jul 16 Corn settled at $4.04 3/4, up 7 1/4 cents; Sep 16 Corn settled at $4.07 1/4, up 7 1/4 cents.
Wheat: The wheat market ended mixed, mostly a touch higher. Japan is seeking 135,049 MT of wheat from the US, Australia, and Canada in their regular weekly tender. Results expected tomorrow. UkrAgroCosult estimated Ukraine's 2016 wheat crop at 23 MMT versus 24 MMT from the USDA. Crop tours are ongoing there as week speak, so more information expected on that region very shortly. Russia's Ag Min said that they'd produce 106 MMT of grain this season, up from an earlier estimate of 104 MMT. Both countries are expected to have exports at or near record highs in 2015/16. Weekly export sales for tomorrow are seen at zero to 200 TMT on old crop and 300-500 TMT on new crop. Jul 16 CBOT Wheat settled at $4.66, up 2 cents; Jul 16 KCBT Wheat settled at $4.51, up 4 1/2 cents; Sep 16 MGEX Wheat settled at $5.29 3/4, down 1/4 cent.