EUR / USD index rose to 1.1685. WTI crude oil went up to 49.07 USD / barrel.

Central bank's helicopter money has become a norm. Dollars,  euro and the yen keep raining from the sky, and the storm has been unleashed since 2008. Fed's balance sheet rose to 4.48 trillion dollars. This is not the result of the printing of new money, but of the interest earned on the money already created. The Federal Reserve continues to make more money, but in a different way. How convenient. The central banks of Switzerland, Japan and the eurozone also continue to perform their magic tricks.They give money for nothing and give them away for free, buy securities, buy derivatives. There are a bunch of clerks in the US, Switzerland, the European Union and Japan who sit in "census houses" and give away money as they see fit. They also defend their independence with all possible arguments. That is why  Fed's call to return to normality is weak. This is another attempt to distract while the central bank continues to make more money. Thus, the amounts of money, and not the profits, will continue to "drive the bus", i.e. to move the capital markets. This also means that bond profits will not increase in the foreseeable future.

Yesterday the price of soybeans in Chicago rose. This was accepted by the market as a technical adjustment following the closure of short positions revealed in the recent weeks. Soybeans supply is not expected to deteriorate, which will be a fundamental factor, but it is not yet available. Weekly export sales of US soybeans proved to be strong - 303,400 tonnes of old crop + 531,800 tonnes of new crop. Exports rose from the previous week by 60% to 573,700 tonnes. USDA reported a new export sale of 284,000 tonnes of soybeans for an unknown destination (198,000 + 66,000).

Another factor for price growth yesterday was the disappointment from the rainfall in the recent days. Forecasts showed larger volumes, and reality showed other. Serious rainfall is not expected in the next 10 days.
Export sales of wheat proved to be higher than expected - 498,000 tonnes. On the second day of the tour in the wheat regions in the United States on one of the routes, the average yield of this crop was 21.3 bushels / acre at 52.7 - 61.8 bushels / acre a year earlier. On another route, the average yield is 35.8 bushels / acre (41.5 - 52.1).

The situation in Germany is fundamentally different from that in the US. In the European country, rainfall stops wheat harvesting by reducing yields and deteriorating quality. Germany is the main exporter of durum wheat in the EU. Excessive rainfall also occurs in Poland and the Baltic States.
Algeria purchased 500,000 tonnes of wheat mill at prices 214 - 216 USD / tonne. Purchases are made by France and the Baltic countries. At these auction prices, it appears that after the fall in the  recent days, American wheat is close to its competitors' and will be ranked in the future.

Yesterday IGC published its July report on the grain balance in the world. More important data from it :
- The world grain crop will be 2,038 million tonnes at 2,049 million tonnes in the June forecast and 2,126 million tonnes in 2016-2017. Grain consumption will be 2,083 million tonnes (2,884 and 2,084), and stocks -  478 million tonnes (480 and 523)..

- The global wheat crop will be 732 million tonnes (735 and 754), consumption 735 million tonnes (735 and 736) and 241 million tonnes (241 and 244).
- The corn crop will be 1,020 million tonnes (1,025 and 1,070), corn consumption will be 1,054 million tonnes (1,055 and 1,049) and stocks 197 million tonnes (199 and 232).
- Soybeans crops will be 345 million tonnes (348 and 351), 350 million tonnes (352 and 339), and 39 million tonnes (41 and 44).
Generally a neutral report. The decline in the total grain cro will have a stabilizing effect on the markets.

Wheat price –  yesterday wheat prices in Chicago rose by 4 - 6.5 cents / bushel. In the week  14th - 20th July, export sales of wheat from the US are at the level of 498,000 tonnes, which is 25.6% less than last week and 1.6% less than last year. Wheat exports reached 476,600 tonnes. The biggest buyers are Taiwan, South Korea and Chile. Since the beginning of the season, exports have been 25.6% higher than the previous year. The US spring wheat analyst tours in the United States determined an average crop yield of 38.1 bushels / acre at 45.7 bushels / acre a year earlier and an average of 46.8 bushels / acre over the past five years.

Soybeans price – yesterday soybeans prices in Chicago rose by 5 - 7.5 cents / bushel. USDA announced an export sale of 264,000 tonnes of soybeans to an unknown buyer (198,000 tonnes of old crop + 66,000 tonnes of new crop). Export sales of soybeans are at the level of 303,368 tonnes + 531,844 tonnes. The export reaches 573,700 tonnes. The largest buyers were China and the Netherlands. From the beginning of the season, exports are 19.3% higher than in the previous year. Sales of soybeans meal were 61,855 tonnes and soybeans oil 14,882 tonnes.

Corn price – yesterday corn futures in Chicago rose up to 2.25 cents / bushel. Export sales of US corn are at 92,000 tonnes + 486,600 tonnes. The exports reached 894,300 tonnes. The biggest buyers were Japan and Mexico. All corn  sales of the new crops are 44.11% smaller than last year. This is due to strong competition from South America. Since the beginning of the current season, exports of US corn have been 27.79% higher than last year. Yesterday China sold 258,382 tonnes of corn from the state stocks of crops in 2013 and 2014 at  proposed 1.334 million tonnes.

All data so far (including the IGC forecast) indicate stable markets.