In Paris rapeseed price  dropped significantly followed by lower falls of wheat and corn.

EUR/USD index rose to  1.1777. WTI crude oil dropped to 47.66 USD/barrel.

Oil prices are declining on Monday after the slowdown in the activity growth of the Chinese refining companies has cast doubts over the prospects for crude oil demand. At the same time, growing shale oil production in the US suggests that supplies are likely to remain high. Chinese refineries processed 0.4 % more crude oil in July on an annual basis to 45.5 million tonnes or about 10.71 million barrels per day, according to Chinese Statistics. This is the lowest growth rate on a daily basis since September 2016, according to Reuters calculations, based on official data. Overall, markets remain well-stocked due to increased yields."Demand exceeds expectations both among developed and developing countries. Global stocks of crude oil, however, remain inflated and there are significant uncertainties before 2018, "said BMI Research in a commentary that does not exclude the possibility of rising supplies. Shale extraction from the largest oilfield in the US should increase by 300 thousand barrels per day to December, according to industry estimates.

Yesterday the grain markets were on different waves. In Paris, the USDA report was still traded. In Chicago, the market calmed down as price movements were mixed. Prices can not yet be balanced after the huge surprise from Russia, where the wheat crop turns out to be quite large. According to the latest forecasts, within the range of 77-80 million tonnes. Analysts report that data from Canada will continue to deteriorate, though much slower, because there is rain somewhere in the country.

Australia is more interesting. In the last two weeks rainfall has stabilized part of the crops, but did not change the trend. According to the assessment of the GIWA Western Australia Grain Association, in 2017, the total wheat crop in Australia will drop by 44% to 18.16 million tonnes. The estimate is 2.8 million tonnes (-34%) less than the average for the past five years. Production of barley can be reduced by 2.7 million tonnes (-35% over last year), canola to 1.17 million tonnes (2.15).

US wheat prices continue to be competitive on the market and likely export sales on Thursday will be good.
For corn, the data from the USDA August report disappointed the market with a very small decrease in average yield and hence the crop. In the coming weeks, there will be a lot of data from the land tests that are more accurate crop analysis tool. The market hopes the data will erode the USDA's optimism.

Market mistrust is most strongly reflected in soybeans forecasts. Instead of a drop in the report, a strong increase in the average soybeans yields was reported. Despite the doubts yesterday, prices fell further.

Two bear news came out yesterday on the soybeans market. The first that is a fact, is from India. The government has increased the import duty of unrefined palm oil to 15% and refined to 25%. The duty of unrefined soybeans oil was also increased from 12.5% ​​to 17.5%. Annually, India spends about $ 10 billion on imports of palm oil from Malaysia and Indonesia and small quantities of soybeans oil from Argentina and Brazil. India is the world's largest importer of oils and this behavior will affect the market somewhat. Although in the short term there is nowhere to find more oil local production, but after 2-3 years and it will happen.

The second is that the Argentine government is considering cutting the soybeans export tariff faster than planned. It is now 30%, and is expected to be downgraded to 25% and then monthly to fall by 0.5%. The current plan is a drop of 0.5% monthly duty from January 2018.

Everyone is prone by the low prices, big crops and demand, which does not reduce stocks enough. Competitive struggle for markets continues now and under this form.
According to AgRural, 83% of Brazil's corn crops have been harvested at an average level of 79% over the past four years.
After the fall of the last days, the markets will appear to stabilize. This does not mean we're waiting for growth, but not a drop.

On yesterday's trading in Chicago soybeans futures fell by 5.5 to 7 cents / bushel. The fall was under the influence of the rainfall in the Midwest of the United States. Weekly US soybeans export controls are at 569,678 tonnes, down 17% from the previous week and 26.65% less than the previous year. Since the beginning of the season, exports have been 7.04 million tonnes more than last year. In good and excellent condition, 59% of soybeans are in the US 60% a week earlier and 72% a year earlier. It is expected that the revised soybeans in the US will fall to 3.89 million tonnes in July.

Yesterday corn futures in Chicago rose by 1 - 2 cents / bushel. Weekly export controls of US corn are at 756,895 tonnes (-22.69% and -35.46%). In good and excellent condition in the USA are 62% of the crops (60% and 74%). A decline in the indicator was expected, but it rose by 2%.

Yesterday wheat  price in Chicago has risen to a minimum. Weekly US export controls for wheat are at 511,224 tonnes (-19.57% and-26.82%). In the United States, 97% of the winter wheat is harvested, and  40% of the spring wheat.