EUR / USD index rose to 1.1681. WTI crude oil rose to 48.59 USD / barrel.

The US Federal Reserve has met the expectations and did not change the key interest rate. After its two-days meeting, the Federal Reserve keeps the interest rate on the federal funds in the range 1.00% - 1.25%. After a two-days meeting,  Fed issued a statement announcing that its balance  will begin to shrink in September, CNBC said. Then the central bank will start shrinking its portfolio of bonds worth 4.5 trillion dollars. The amount was mainly accrued in the years after the crisis. "The Commission expects to start implementing the program to normalize its balance sheet relatively soon if the economy develops in line with the expectations," the statement said.CNBC says "fairly soon" is the key in the text. The observers watched the rhetoric and expected the phrase to change from "this year", as it was in the June text. The balancing efforts will include a procedure whereby a specified amount of bonds reaches their maturity every month, and the remainder as usual will be reinvested. The program will start with $ 10 billion a month, and this amount will increase each quarter to $ 50 billion. Fed estimates that once the program is over, the balance will be just over 2 trillion dollars.

Yesterday in Chicago, corn and soybeans reflected bigger profits while wheat remained with minimal increases in the middle of the session, but at the end it grew more.
Russia's Ministry of Health wants the government permit the export of 500,000 tonnes of grain from the state reserve in September. The stocks are estimated at 4 million tonnes. The operation is done to refresh the stocks and free up some space for the new crop.

On the first day of the tour organized in the United States where spring wheat is grown, the average yield is calculated at 37.9 bushels / acre at 43.1 bushels / acre in 2016 and 45.7 bushels / acre on average for the past five years. This data is from North Dakota.

In the next 10 days the weather in the central regions of the United States will be volatile. Temperatures will not be very high and it will rain in many places. In Canada, however, it remains warm and dry. Because of the volatile weather in the US, markets remain cautious. Right now, with

Growth in oil prices in the recent days will support grain and oil markets, with less impact on other factors. Soybeans and palm oils were immediately taken advantage of. However, the large production of soybeans in the recent years and the growing palm oil remain.
Today we expect the US export sales data. By the end of the month we expect the IGC's July report. It will definitely have a discrepancy with the USDA data on many positions in the world.

Corn price– yesterday corn price in Chicago rose by 3 - 4.25 cents / bushel. Export sales of US corn are expected within 200,000 - 500,000 tonnes of old crop + 200,000 - 400,000 tonnes of new crop. For the week ending on 21.07.2017 ethanol production in the US declined by 14,000 barrels per day to 1,012 million barrels per day. We assume that one bushel of corn is produced 2.8 gallons of ethanol, then the consumption of corn for the production of ethanol from the beginning of 2016 - 2017 up to now is 127.43 million tonnes. During the week ethanol stocks dropped by 608,000 barrels to 21,529 million barrels. .

Wheat price– yesterday wheat futures in Chicago rose by up to 4.5 cents / bushel. Export sales of wheat from the US are expected at 350,000 - 550,000 tonnes.

Soybeans price– yesterday soybeans futures in Chicago rose by 6 - 7.75 cents / bushel. Export sales of US soybeans are expected to range from 100,000 - 300,000 tonnes + 300,000 - 1,000,000 tonnes. Sales of soybeans meal will be 50,000 - 225,000 tonnes and soybeans oil 5,000 - 25,000 tonnes. The Brazilian currency depreciated by 8.4% between May and July. This allows  easier export of the production from the country. In Argentina 3.9 million tonnes of soybeans are processed in Argentina, which is 15% less than May and 5% less than June 2016. Soybeans stocks in China are 1.4 million tonnes (+ 6.4%) larger than the previous month and 14.8% higher than the previous year.

Lateral price movements in the recent days. There are no indications anything to change in the next 1-2 weeks.