EUR/USD index rose to 1.1621. WTI crude oil dropped to 46.79 USD/barrel.

The European Central Bank (ECB) expectedly on Thursday left its position on ultra-weak monetary policy unchanged. The central bank has kept interest rates at record low levels and even left the door open for more asset purchases if prospects get worse. However, given the fact that the euro zone economy has grown for the 17th consecutive quarter, its best series before the global financial crisis, the ECB may at least consider alleviating the program by retaining some of its remaining strength after printing almost 2 trillion euro to stimulate growth.However, the prospects for weaker monetary stimuli are fueling the financial markets, with investors nervously looking for signs of how much central banks around the world will tighten their unconventional policy that keeps interest rates at the bottom. The ECB kept interest rates on deposits on a negative territory and left monthly bond purchases unchanged at the level of EUR 60 billion, according to the expectations of most analysts in a Reuters poll.

Yesterday the futures of all cultures in Chicago started the trade with declines, but at the end of the session the trend turned over and we ended up with growth. Strong support for prices has been the declining US currency, which has been going on for quite some time. Increasing oil prices was also a support.
Another strong factor on the market is the worsening weather conditions in the US and Canada. Precipitation is much less than usual, and temperatures are high. These conditions have been in place for a long time and will probably be so for the whole summer.

In the US, the conditions for harvesting winter wheat are very good - no precipitation. In Canada however spring wheat suffers. The same goes for the spring in the two countries. Rainfall still exists, but the places where they are significant are not many.
In Western Europe cool and humid weather is preserved. On the one hand, it is bad for the wheat now harvested, but on the other hand the spring is satisfied with moisture. A problem is the lack of heat and light.
In Ukraine and Russia wheat is now being harvested. Reports show that yields are weaker in some places, but overall everything is fine with the wheat.

Argentina's Ministryof Health increased the forecast for corn crop in the country in 2016 - 2017 with new +1.5 million tonnes to 49 million tonnes. Normally the forecasts of the Argentine authorities are very optimistic and well above the other analysts, so we have not to believe to this forecast.
Despite the huge wheat crop in 2017 - 2018, India will continue to import wheat - up to 4 million tonnes. Apparently wheat consumption in the country already exceeds 100 million tonnes and the records are not enough to meet demand.

Wheat price – yesterday wheat futures in Chicago rose by 2 - 4 cents / bushel. In the week July 7th-13th, US export sales of wheat were 669,520 tonnes, much above expectations, + 87.2% more than the previous week and + 40.1% more than the previous year. In the week, US wheat exports were 550,169 tonnes. The biggest buyers were the Philippines.

Soybeans price –  yesterday soybeans futures in Chicago rose by 11.5 - 14.5 cents / bushel. Export sales of US soybeans were 409,558 tonnes of old crop (+79.6% and + 35.4%) + 1.523 million tonnes of new crop, of which 1.3 million tonnes for China. The export of soybean was 357,968 tonnes. Sales of soybeans meal were 117,287 tonnes and soyabeans oil 25,393 tonnes.

Corn price – yesterday corn futures in Chicago rose by 5 - 8.5 cents / bushel. Export sales of corn were 446,489 tonnes (+ 300% and + 35.16%) + 212,070 tonnes. The biggest buyer was Japan. Exports of US corn  for the week are 1,042 million tonnes. China sold 921,782 tonnes of corn from the state reserve ,crop in 2013 and 2014.