On Monday Chicago crop prices remained stable. In Paris wheat and corn fell slightly.
EUR / USD index fell to 1.1255. WTI crude oil dropped to 47.37 USD / barrel.

Oil futures prices went down to their lowest level for more than three weeks on Friday, Investing.com reported. Prices have recorded their highest weekly decline since a month because of the growing concerns about the rising shale production in the United States. Baker Hughes  data from Friday showed that US oil platforms have increased their number for the 20th consecutive week, the longest such series. The dynamics suggests that the growth in US production is about to rise. Platforms have risen by 11 to 733, the highest since April 2015. US President Donald Trump's decision to withdraw the US from the Paris climate agreement has also raised concerns about the price of oil because production may increase sharply when there is no focus on limiting the use of fossil fuels. Higher US production is partly offset by limited production of OPEC and other leading manufacturers. The cartel has agreed to continue to limit the production until the end of March 2018, which may not be enough to cope with the oversupply.

Yesterday Chicago crop prices remained without  clear direction of movement. Short positions are very big and they provide price support now. Meanwhile, weather conditions in the US corn belt are improving - temperatures are rising, providing higher crop ratings. The direct corn observations in the central parts of the United States show that there is improvement compared to the previous weeks, although it is a bit low for this time of the year.At the end of last week, 68% of the crops were in good and excellent condition in the US at 65% a week earlier and 75% a year earlier. Exports of US corn for the past week were 1.18 million tonnes at 1.19 million tonnes a week earlier and 1.07 million tonnes a year earlier. Since the beginning of the season 44.32 million tonnes of corn have been exported from the US to 29.47 million tonnes a year earlier.

Drought remains in the northeastern and eastern parts of China, where most corn and soybeans grow, but the price of corn is not rising.

In the United States, concerns about the transfer of large areas of corn to soybeans are reduced due to the improved conditions for sowing of corn. At the same time, rising soybean price in China gives a breath of air for the market because apparently the processor margins are rising and hence the demand for soybeans. The short position for soybeans is the biggest in the last two years and it creates inconvenience for the  investors - does it really deserve to be so great !!!

Yesterday wheat prices in Chicago were stable. Problems came from the drought in some parts of the country and the too much moisture in other. Forecasts suggest that in the  weekend in the northern parts of the United States temperatures will reach  +37 degrees. This combined with drought will be killing for all crops. These temperatures will affect Minnesota, North Dakota and South Dakota, where 18.5% of US corn  areas and 23% of soybean areas are located.

At the same time in Canada, a problem for the crops is the moisture - difficult and slow sowing.

The delay in the harvest of corn in Argentina will prolong their export window by August, which will coincide with the increased exports from Brazil and will be at the beginning of the season for the US. The struggle for markets will then be cruel, and so we will see lower prices. Still, it all depends on how the new corn harvest in the US will be appreciated.

Брокерската и консултантска компания INTL FCStone е повишила прогнозата си за реколтите от царевица и соя в Бразилия през текущия сезон благодарение на отличните метеорологични условия. Средните добиви в ключовите производителни райони на страната се оказват над очакванията. Реколтата от царевица ще достигне 97.6 млн. тона (96.15 млн. тона в предходната прогноза), а от соя 113.2 млн. тона (111.8).

The brokerage and consulting company INTL FCStonehas raised its forecast for Brazil's corn and soybean crops in the current season thanks to the excellent weather conditions. Average yields in the key productive regions of the country are above expectations. The corn crop  will reach 97.6 million tonnes (96.15 million tonnes in the previous forecast) and 113.2 million tonnes for soybeans (111.8 tonnes).

Wheat prices - yesterday wheat futures in Chicago remained stable. In the United States, 10% of wheat crops are now harvested - winter wheat, which is 3% more than the previous year. In a good and excellent condition from the spring wheat are 55% of the crops at 62% a week earlier and 79% a year earlier. A drastic drop in the ratings was obtained thanks to the dry weather in the northern parts of the country, which will become hot at the end of the week. During the week ended on June 1st, 2017, 522,500 tonnes of wheat were exported from the United States which was 13.51% less than last week, but 33.66% more than the previous year. The export of wheat from Russia in 2017 - 2018 is estimated at 28 million tonnes.

Soybean prices - yesterday soybeans in Chicago dropped to 3 cents / bushel. In the United States 83% of the soybeans planned are sown at 67% a week earlier and 79% a year earlier. Weekly US export controls for soybeans are at 277,168 tonnes (-20.89% and + 300%). The USDA reported export sales of 60,000 tonnes of soybeans from the current crop and 60,000 tonnes from the new crop of an unknown destination. From Safras Mercado they estimate that 58% of the Brazilian soybean crop  2016-2017 was sold at 76% last year and 74% on average for the last years.

Corn prices - yesterday corn futures in Chicago dropped a little by 0.25 - 1 cents / bushel. In the United States 96% of the areas planted for corn (91% and 97%) are sown. In good and excellent condition are 68% of the areas (65% and 75%). Weekly US export controls for corn are at 1.177 million tonnes, that is 10.26% more than last year.
As of now all models are related to the global weather and its impact on crops. Everybody is looking for problems, but so far they are not so many.