EUR/USD index went down to 1.1149. WTI crude oil went down to 44.44 USD/barrel.

Wednesday's official data on oil products stocks in the United States also showed that gasoline stocks - one of the refined products - rose unexpectedly by about 2 million barrels against the forecasts of a fall of about 457,000 barrels. For the distilled products, there was a decrease of 328,000 barrels, against the expectations of a growth of 686,000 barrels. The increase in petrol stocks surprised the markets because summer months are associated with increased fuel consumption as Americans begin to travel intensively.

Yesterday wheat futures in Chicago have risen under the influence of the concerns about the condition of wheat in the United States and elsewhere in the world. In Chicago the spot price of soft red winter wheat rose to a four-month high. Price rises were also found in high-protein wheat being sown in the northern states. Good wheat yields in the Midwest have remained unnoticed by the market, but this will be important for the total wheat crop in the United States.

Issues that the market now focuses on are in the EU, Ukraine and Australia. The drought has not fully surrendered in Spain and parts of France. Also in the central and eastern parts of Ukraine, and the central parts of Russia has not rained since long ago. Forecasts indicate that soon in these areas it will not rain.

Drought has settled in Western Australia, and newly-sown wheat suffers from the lack of moisture. Soil moisture levels are historically low. No so hard droughts occur in South Australia, New South Wales and Queensland. The high season temperatures further exacerbate the situation. The wheat price in Australia is rising due to these weather problems. Given the shortage of moisture, Lanworth lowered its forecast for wheat crops in Australia by 1 million tonnes to 23.2 million tonnes. Only for the last week the price of feed wheat in the ports has increased by over 7%.The same is expected for the high-protein wheat as a catalyst for the same problems with the spring wheat in the United States. It is still too early to record big losses in Australia. The season is at its beginning. A proverb says - never write off  the australian wheat in June! We continue to observe what will happen until August, when the situation will be clearer.

It turns out  that major wheat exporters in the world - the United States and Australia - have increased their export wheat prices  in the past two weeks. These were also the biggest competitors of the Black Sea wheat. We exclude France this season, where there were problems with the quantity and quality of the crops. At the beginning of the new season, wheat prices in the world have risen. I expect this to happen in the Black Sea region under the influence of the problems here as well. Wheat crops in Russia, Ukraine and Bulgaria will be below the 2016 levels. It is true that the global wheat stocks are big, but now it will be necessary to use them and the market will reflect their reduction.

Yesterday, the corn and soybeans  markets were calm.The events were about the wheat.

Corn prices - yesterday corn futures in Chicago fell by 2 - 2.5 cents / bushel. Parts of the corn belt in the United States is unusually dry. In the week 2nd-8th June export sales of US corn are at 600,740 tonnes of old crop (+ 72.33% compared to the previous week) + 13,510 tonnes of new crop. So far corn sales of new crops are 30.39% higher than the previous year. Exports of US corn during the week were 992,266 tonnes, and since the beginning of the season exports have been 40.06% more than last year. The satellite image company estimates the average US corn yield in 2017 at 166.9 bushels / acre.At the latest estimates of 90.5 million acres in the  US the crop will reach 353 million tonnes. This achievement is on the edge of a furor for the prices, but it is not certain that they  will rise but will slightly increase.

Wheat prices - yesterday wheat prices in Chicago rose significantly. Export sales of wheat of new crop from the US are at 373,368 tonnes, which is much below the level of last week. Exports during the week reached 624,448 tonnes. The forecast for the grain crop in the EU has been reduced by Strategie Grains by 1.1 million tonnes compared to the May forecast to 141.6 million tonnes. The result is 4% higher than last year. The decline is affecting the crops in Spain, Germany and France.

Soybean prices - yesterday soybeans prices in Chicago rose by 3 - 5 cents / bushel. US soybean production forecast in 2017 is reduced by 0.2 bushels / acre to 46.8 bushels / acre. In May, 4.06 million tonnes were processed in the United States, which was 7.27% more than in April and 4.67% more than in May 2016. Export sales of US soybeans are at 340,249 million tonnes of old crop + 314,033 million tonnes of new crop. Since the beginning of the season sales of soybeans of new crop have been 38.1% higher than last year's. During the week the export of soybeans was 489,028 tonnes. Sales of soybean meal were 166,787 tonnes + 110,444 tonnes, and soybean oil 30,293 tonnes (this is at a reduction of part of the sales - 16,763 tonnes).