EUR/USD index remained stable at the level of 1.1752. WTI crude oil rose to  49.34 USD/barrel.

Oil prices fell for a third consecutive session on Wednesday despite a larger-than-expected decline in US stocks. On Tuesday evening, the US Petroleum Institute reported that oil stocks fell by 7.8 million barrels last week to 478.5 million barrels. Expectations were for a fall of 2.7 million barrels. "Oil is blocked in a range of $ 45-50 for WTI and a little higher for Brent," said Bob Takay, president of Sumitomo Corp Global Research in Tokyo. "Still, shale output is slowing a bit, looking at the number of oil platforms, as manufacturers can make money when the WTI is under $ 50, so a pulse of over $ 50 is possible," he adds.The market appears to be immune to bullish signals, such as a drop in stocks, as OPEC and other leading manufacturers are struggling to maintain cuts in the shrinking deal. Recovery of production in Libya and higher production in Nigeria have complicated this effort, and shale makers in the United States have increased the output. Libya and Nigeria have made exceptions to the agreement. Saudi state energy company Aramco will lower supplies to customers worldwide by 520,000 barrels per day in September.

Yesterday, Chicago's crop prices have made modest gains. Merchants have tended to accept different values in both directions, even with large deviations. Today we expect data on Malaysian palm oil monthly stocks and data on Brazilian crops from Conab.

A major event for the day and for the month will be the USDA August report. The interest for it is very high given the expectations for a revision of the average yields of corn and soybeans in the US. Changes in the Black Sea region are also expected.

Overall analysts expect a decline in average US corn yield of 4.5 bushels / acre to 166.2 bushels / acre. The average soybeans yield is expected to be reduced by 0.5 bushels / acre to 47.5 bushels / acre.

The forecast for US corn areas to be harvested is 83.418 million acres (83.496 million acres in the previous forecast). The range of expectations is 83.1 - 83.5 million acres. The average yield will be 166.2 bushels / acre (170.7) at a range of 162.8 - 168.5 bushels / acre. The crop is expected to reach 351.9 million tonnes (362.01) and range from 345.2 to 357.4 million tonnes. US corn ending stocks in the new season will be 54.5 million tonnes (59.1).

Soybeans areas in the US are expected to reach 88,669 million acres (88,731). The average yield will be 47.5 bushels / acre (48) and the crop - 114.6 million (115.9). The US soybeans stocks will be 11.5 million tonnes (12.5).

The wheat crop in the US is expected at 46.5 million tonnes (47.9).

Expected data on corn and soybeans in the US should provoke price increases. For the soybeans a stop will be the news from yesterday that USDA reports a refusal for purchase of 130,000 tonnes of soybeans from the current crop.

The demand for corn in the US for production of ethanol is still strong. For the past week, ethanol production in the country has grown by 10,000 barrels per day to 1.01 million barrels per day. It appears that the demand for corn in the country is good, but export demand is quite problematic.

From France yesterday came the news that the new wheat crop has very good indicators. This will be a factor in the market throughout the season because the crop is good. Combined with the huge Russian wheat crop, this will compensate for the decline in the US and Canada - high quality wheat is concerned. The qualities of Russian wheat this season are not particularly high. The protein  is 11.5% and this wheat is 15 USD / tonne cheaper than the 12.5% protein containing.

Due to the rainfall, wheat quality in Germany, Poland and the UK will not be high either.

Yesterday wheat prices in Chicago rose by 2 - 4 cents / bushel. Export sales of wheat from the US are expected to reach 250,000 - 450,000 tonnes at last week's sales of 145,549 tonnes.

Soybeans prices in Chicago have remained stable. Export sales of soybeans are expected within 100,000-300,000 tonnes of old crop + 250,000-450,000 tonnes of new crop. Soybeans meal sales will be 50,000 - 250,000 tonnes and soybeans oil 5,000 - 25,000 tonnes. From the beginning of the season to July, almost 77 million tonnes of soybeans have been imported into China. By the end of the season, another 14 million tonnes of soybeans are needed to meet the USDA forecast. A year earlier, imports in this time frame were 14.9 million tonnes.

Yesterday corn futures in Chicago rose by 1 - 2 cents / bushel. In the past week, ethanol production in the United States increased by 10,000 barrels per day to 1,012 million barrels per day. Ethanol stocks in the country rose by 495,000 barrels per week to 21,347 million barrels. Export sales of corn are expected within 100,000-300,000 tonnes of old crop + 400,000-600,000 tonnes of new crop. The USDA is expected to keep production of corn in Argentina, but to increase the same in Brazil by 900,000 tonnes to 97.9 million tonnes.

The data from the USDA report is expected to reduce the most indicators. This however, would hardly change the market sentiment and prices, because these changes have long been expected, even with much greater force than the USDA can show.