Yesterday in Chicago soybean went up significantly. Wheat and corn remained stable. In Paris, rapeseed and corn decreased, and wheat went up.
EUR / USD index fell to 1.0869. WTI crude oil rose to 45.99 USD / barrel.

OPEC meets on May 25th to decide whether to continue to apply the oil shrinkage deal after the end of June. Last week oil futures declined by about 6%. On Friday Baker Hughes, an oil services company, said that oil platforms in the United States increased by 6 to 703 last week. This was the 16th consecutive weekly increase.

By the end of the last week in US 47% of the area planned for corn was sown, with market expectations of 44% and an average of 52% for the past five years. 14% of the areas (16% and 17%) were planted with soybeans, and 54% with spring wheat (45% and 60%) . In  good and excellent condition are 53% of the area cropped with winter wheat, at expected 51%. There is no drama in the campaigns and the condition of the crops. Everything moves within the middle levels for the  recent years or close to them.For some cultures there is a lag, but the important is what will be done during the current week that can be crucial for the corn and the sowing to reach 80%.However it would have been good to have the corn planted earlier, but that's the situation now. Over the next 7 to 14 days in the US it will continue to rain, which will not allow rapid sowing of corn and soybean. The cold weather will also be a problem. By the end of the current week there will be less rainfall and farmers should catch the moment.

The negative factors for corn sowing in the US  traditionally suppress the cost of soybean because the areas are being transferred to this crop. Yesterday this did not happen and soybean rose because of the slow sowing campaign.
The expected new precipitation in Kansas will continue to worsen crop perspectives and wheat quality. Precipitation is not necessary now because the moisture is too much.
Weekly export checks of corn from the US were 720,586 tonnes, 349,385 tonnes of soybean and 615,029 tonnes of wheat. With the exception of corn, wheat and soybean are performing very well for this time of the season.

It should be mentioned that in the past week Egypt has purchased 51,603 tonnes of wheat from the US, which is an indicator for the good competitiveness for the US production.
The Ministry of Agriculture of France forecasts that the corn belts in the country for the current season will be 1.45 million hectares, which is the lowest level for at least the last 25 years and is 2.4% less than last year. Two consecutive years of drought and low yields forced farmers to plant other crops instead of corn. In 2016 corn yield in the country was 84.1 tonnes / ha, in 2015 - 82.5 tonnes / ha. Now there is no moisture for the normal development of winter crops. Low temperatures  also affect this.

At the beginning of April margin of  the Chinese soybean processors was 46 USD / tonne. Since then it has fallen to 27 USD / tonne. Some recovery has been reported to USD 29 / tonne. Despite the decline, 8.02 million tonnes of soybean were delivered to China in April, which is 13% mote than April 2016, improving the record high for this month, which was 7.07 million tonnes. From October to April, soybean imports to China reached 49.6 million tonnes, which is  9.3% more than for the previous year. In order to reach the USDA forecast of 88 million tons of annual imports, by the end of the season import should outperform the last year's by only 1.5%. China's soybean crop is expected to grow by 9.2% this year to 14.3 million tonnes. Soybean areas will increase by 9.2% to 7.9 million hectares. In contrast to soybeans, corn crops will fall by 3.7% to 211.5 million tonnes, and rapeseed by 1.9% to 13.7 million tonnes.

India's Ministry of Agriculture increased its forecast for the different crops for the season. Wheat is expected to reach 97.44 million tonnes (96.6 million tonnes in the previous forecast), corn 22.4 million tonnes (22.1), oilseeds 32.52 million tonnes (33.6), rice 109.15 million tonnes (108.9 tonnes).

Wheat price – Wheat futures went down yesterday in Chicago by 2 - 5.5 cents / bushel. Analysts expect global wheat stocks to be 252.16 million tonnes according to the USDA report. Wheat crops  in the US is expected to be 50.56 million tons.

Soybean price – Yesterday soybean futures in Chicago rose by 6 - 9.25 cents / bushel. Global soybean stocks are expected to rise to a minimum of 87.53 million tonnes according to the  USDA report. Celeres predicts the soybean crop in Brazil to reach 113.81 million tonnes. The USDA is expected to announce the soybean crop in Brazil  at 111.3 million tonnes and Argentina's -at 56 million tonnes. US soybean ending stocks in 2017 - 2018 will be 15.88 million tonnes.

Corn price – Corn futures went up yesterday in Chicago by 0.75 - 1.5 cents / bushel. Global stocks of corn at the end of the current season are likely to be evaluated by the USDA at 223.32 million tonnes. Celeres predicts the Brazilian harvest of corn to be 97.71 million tonnes,  at 73.89 million tonnes last year. In the new season US corn stocks are expected to reach 55.60 million tonnes.
Today the USDA will publish its May report. There will be a forecast for the grain balance in the world for the current season and for the first time for the new 2017-2018. No surprise with the numbers is expected.