EUR / USD index increased to 1.1377. WTI crude oil rose to 44.77 USD / barrel.

Oil prices receded on Wednesday after a report on rising stocks of fuels and crude oil in the US highlighted the fears that the three-year market saturation is far from over. Higher US stocks show that there is still a surplus in the global supplies, despite the efforts of the Organization of Petroleum Exporting Countries (OPEC) to reduce output by 1.8 million barrels per day between January 2017 and March 2018 .

Spring wheat futures rose above $ 7 / bushel for the first time in three years. In Minneapolis spring wheat with delivery in July reached 7.13 USD / bushel. The weather forecast in the northern US is not very encouraging, and the damages as of now are far from small. Probably the conditions for development will get worse.

USDA is expected to show the following data on the stocks:
- Corn - 130.1 million tonnes at 119.7 million tonnes a year earlier.
- Soybeans - 26.7 million tonnes (23.7).
- Wheat - 30.9 million tonnes (26.5).
Stocks are much higher than the previous year, which does not support prices.
Estimates of the expected data for areas with different crops:
- Corn - 89,903 mln. acres
- Soybeans - 89.75 mln. Acres
- Winter wheat - 32.83 million acres, spring wheat - 11.206 million acres, durum - 2.002 million acres.

Wheat harvest in the US will be weak this year. It can drop to 45 million tonnes. Larger stocks in the current year will save to some extent the export situation.
The quality of French wheat that is harvested now is good - high hectolitre weight and protein content. Now it rains in France and the temperatures are low. Precipitation however, is not so much and continuous in order to reduce the quality of the new crop, also the quantity.

Wheat crop in Ukraine will also not be good - under 25 million tonnes.
In the past week, ethanol production in the United States increased by 25,000 barrels per day to 1.01 million barrels per day. Ethanol stocks dropped by 442,000 barrels to 21.84 million barrels.

The satellite image company TellusLabs gave very earlya forecast on US corn yield in 2017. And it is 166.2 bushels / acre and 49.5 bushels / acre for soybeans. The assessment is based on the current situation of the crops. In July the weather will change the forecast. With the data described above, US corn crop in the new season will be 350 million tonnes and soybeans - 120 million tonnes. The crop of corn is OK to maintain the price, but this soybeans is so much on the backdrop of the enormous quantiy of soybeans in South America. Oils cultures will be a problem this season. Especially when oil is now digging the market.

Now  rainfall in the US and Europe should be  below the norms and temperatures should be  high in July. Then the corn will go up, and the wheat too. This is probably not just a dream, but a reality. We will wait to see this.

Corn price - yesterday corn futures in Chicago fell by up to 2.5 cents / bushel. Rainfall fell in Minnesota, Nebraska and Iowa. Lanworth predicts that US corn crop in 2017 will be 345.4 million tonnes, which is 4% less than their previous estimate. Weekly export sales of US corn are expected at 350,000 - 550,000 tonnes of the old crop+ 100,000 - 300,000 tonnes of the new.
Wheat price - yesterday wheat futures in Chicago rose by 3 - 5 cents / bushel. Export sales of wheat will be 350,000 - 550,000 tonnes.

Soybeans price- yesterday soybeans futures in Chicago rose by 2.75 - 4.25 cents / bushel. Export sales of soybeans are expected in the range 200,000 - 400,000 tonnes + 100,000 - 300,000 tonnes. Sales of soybeans meal will be 50,000 - 200,000 tonnes and soybeans oil will be 5,000 - 29,000 tonnes. Abiove raised its assessment of the crop of soybeans in Brazil in the season with a new 0.7 mln tonnes to 113.2 mln tonnes. Brazil's soybeans exports rose by 1.3 million tonnes to 63 million tonnes.
This is a forecast - US corn crop of 345 million tonnes! More than good.