EUR / USD index rose to 1.1794. WTI crude oil dropped to 49.16 USD / barrel.

Oil prices recorded slight declines on Monday, but still hold their 9-week highs, Reuters reported. The prices are supported by a slight decrease in the number of oil platforms in the US, although the output is rising. Oil service company Baker Hughes announced on Friday that the number of oil platforms has dropped by one to 765 in the week to 4th August. However, from the beginning of May, the trend is to increase this number. At the same time, US oil production reached 9.43 million barrels a day in the week to July 28th, the highest level since August 2015. Meanwhile, oil exports from OPEC rose to a record 26.11 million barrels a day, with most of it coming from Nigeria, according to Thomson Reuters Oil Research. Libya, however, faces a gradual closure of the Sharara oil field with a capacity of 270,000 barrels a day.

Yesterday wheat futures in Chicago turned the trend and rose. At the same time, prices in Paris have fallen. At the end of last week, wheat in Paris traded at 31.59 USD / tonne lower than the hard red winter wheat in Kansas. A month earlier the difference was only 3.67 USD / tonne. Yesterday, the premium fell to 20 USD / tonne. Prices of wheat in Paris are depressed by the forecasts for the growth of the French crop and the strong euro. In the US, prices rose after speculative purchases. Losing the US dollar to a 15-month low plays a major role in the current competitive struggle. There appears to be a growing demand for US grain in the last week.

Weekly US export controls for wheat are at the level of 586,149 tonnes, which is higher than expected. There are doubts that strong exports will not last long if the market reacts positively and raises prices.

Analysts say there is no moisture at the center of the US corn belt - Iowa and Illinois. Lower temperatures are useful, but at some point you will need rain. Rainfall in Iowa was expected on weekends, but the forecast is not being realized. Now, corn and soybeans fill the grains and need a lot of moisture. Analysts commented on how long the high forecast for US corn crops could be sustained in the Iowa heavy water deficit. In the following days, rainfall in some states is expected, but not too much in quantity and not in many areas.

In the past week, US exports of corn were not bad - 979,000 tonnes - at the top of market expectations. The export of soybeans is above the forecasts - 685,697 tonnes. USDA has announced an export sale of 206,000 tonnes of soybeans to an unknown buyer. There is also a sale of 180,000 tonnes of corn from the new crop for Mexico. Low prices immediately trigger sales.

The concerns about the wheat quality in Germany and the Baltic countries continue.
Chinese soybeans importers sell about 500,000 tonnes of soybeans - something unusual for them. This is due to the large port stocks, the high supply of soybeans produced in China and the negative margins of the processors.

On Thursday USDA will publish its August report. The market is expecting an average US corn yield of 162.8-166.5 bushels / acre at a current USDA forecast of 170.7 bushels / acre, and 47 bushels / acre (48). In the recent months, the USDA seems to catch up with the market, not the other way around. Its reports still lead to some big crops while market participants see different things. Thus expectations are largely unsatisfied and the next report is being waited for the situation to be corrected.

Australia's National Bank cut its forecast for wheat crops in the country by 600,000 tonnes to 22.7 million tonnes - the lowest level in the last eight years. It was noted that rainfall had occurred in some areas of the country during the past week, but the forecast nevertheless fell. Wheat crop in Australia has not fallen below 20 million tonnes from 2007 to 2008 up to now, and then it was only 13.6 million tonnes.

France's Ministry of Health raises the forecast for grain crops in the country in 2017. The crop of soft wheat will be 36.8 million tonnes at 27.6 million tonnes in 2016. The change is due to higher yields - up to 7.15 tonnes / ha at 7.04 tonnes / ha in the July forecast. In 2016. The yield was 5.37 tonne/ ha. The first forecast for the corn crop ze is at 12.8 million tonnes, which is 9% more than 2016 . The average yield will be 9.26 tonnes / ha (8.41). The harvest of barley will be 12.6 million tonnes, which is 18% more than 2016, incl. winter barley 9.6 million tonnes and spring 2.6 million tonnes.

Wheat price– Yesterday wheat futures in Chicago rose by 4 -8.75 cents / bushel. Weekly US wheat exports are at 586,189 tonnes, or 33.32% more than the previous year. In the United States, 94% of the areas with winter wheat and 24% of the spring wheat are harvested. In good and excellent condition cropped with spring wheat is 32% of the area (+ 1% compared to last week).

Soybeans price– Yesterday soybeans futures in Chicago rose by 10 - 13 cents / bushel. Weekly export controls of US soybeans are at 685,697 tonnes (+ 39.22% and -32.46%). In good and excellent condition are 60% of the soybeans crops (+ 1%)in the US . Brazilian farmers have sold 74% of their old soybeans crop at an average of 84% in the recent years. From the new crops are sold 7.5% (15%).

Corn price– Yesterday corn futures in Chicago rose by 4 to 6 cents / bushel. Weekly US export controls for corn are at 979,000 tonnes. In good and excellent condition of the corn crops in the United States are 60% (-1%). In June, 92.7 million gallons of ethanol were exported from the United States, up by 71% compared to the last year. Exports of DDGS are 889,114 tonnes, which is 12% less than June 2016.

The condition of US crops has not changed for several consequtive weeks.