EUR/USD index went down to 1.1808. WTI crude oil dropped to 47.41 USD/barrel.

This year the balances of the central banks of the  US, Japan and the Eurozone  briefly converged, computed in dollars, but they are about to take on many different routes. After the balances of all three institutions reached 4.5 trillion dollars, the values ​​started to move away mainly because of the appreciation of the euro and the yen. As the US Federal Reserve is expected to start shrinking in the coming months, and the Japanese Central Bank (GCB) to continue with unprecedented bond purchases, the balance sheet of the GGB may reach double value of Fed after 2 years.The situation with the European Central Bank (ECB) is much more difficult to recognize, and investors will listen carefully to Mario Draghi's comments on Friday at the Jackson Hall, Wyoming. As the growth of the European economist is gaining momentum, economists can start discussions this fall in 2018, including shrinking bond purchases. As for the size of the balance sheet, compared to the US, Eurozone and Japan economies, that of the GCC clearly stands out from others. The Asian country regulator does not expect to achieve inflation of 2% before the start of fiscal 2019, which begins in April 2019. This explains the need for aggressive bond purchases in the coming years.

Export sales of corn and wheat from the US proved to be disappointing. Despite the fall in prices, wheat sales fell by 39 % from last week to 386,400 tonnes. This reduction focuses attention on the huge Russian wheat crop more. Sales of corn were also very weak - 102,400 tonnes of old crop+ 423,300 tonnes of new crop. There is a lot of concern among farmers, because at these low prices, exports are not at all attractive. Soybeans sales were large, but they were already aware of the US-China agreements.

USDA reported export sales of soybeans 132,000 tonnes new crop for China.
Pro Farmer Field Field Tests showed an average crop yield of 180.72 bushels per acre at 193.5 bushels / acre last year, an average of three-yearly 187.37 bushels / acre and a USDA forecast in August 188 buckets / acre. In part of Iowa, the yield was 178.67 bushels per acre at 182.65 bushels / acre last year and the average for the past three years 184.16. In other parts of Iowa, the yield is estimated at 179.67 - 185.65 bushels / acre.
The data give us reason to think about whether the USDA forecasts are near the end results or will be subject to serious adjustments.

Yesterday IGC published its August report on the grain balance in the world in the new season. The results are not encouraging because they are close to the USDA data.
Global grain production will reach 2.049 billion tonnes (2.038 billion tonnes in the July forecast and 2.128 billion tonnes in 2016-2017). Grain consumption will be 2.089 billion tonnes (2,083 and 2,085), and stocks 485 million tonnes (478 and 525).

Global wheat crop will reach 742 million tonnes (732 and 754), consumption 738 million tonnes (735 and 736), and stocks 248 million tonnes (241 and 241). The main change here is Russia - the crop grows by +9 million tonnes to 80 million tonnes. Growth is also for Ukraine with +2.5 million tonnes to 26 million tonnes. Reduction for Canada by 2.6 million tonnes to 25 million tonnes.
The world corn crop will be 1,017 billion tonnes (1,020 and 1,073), consumption 1,055 billion tonnes (1,054 and 1,049) and stocks 196 million tonnes (197 and 234). Reducing the yield is for the EU with 1 million tonnes to 58.5 million tonnes and for China with 1.7 million tonnes to 211.5 million tonnes.

The global soybeans crop will reach 347 million tonnes (345 and 351), consumption 351 million tonnes (350 and 337), and stocks 41 million tonnes (39 and 45). The changes are related to a minimal fall in crop in India, but US growth to 117 million tonnes from 112.8 million tonnes in the previous forecast.
For the next marketing year, forecasts for corn and soybeans crops in Brazil and Argentina are reduced. It is a hope that markets may return to a slightly higher price orbit.

Yesterday wheat futures in Chicago rose by 2 - 5.75 cents / bushel. Exports of wheat from the United States for the week  11th-17th August were 386,400 tonnes, which is 39% less than last week but 1.8% more than last year. There are still no sales from crop 2018 - 2019. Exports for the week reached 499,002 tonnes. The biggest buyers were Taiwan and the Philippines. Japan purchased 133,971 tonnes of wheat from the United States and Canada. Iraq has bought 50,000 tonnes of wheat from the United States and Australia. SowEcon has increased its estimate of wheat crops in Russia by +1 million tonnes to 78.9 million tonnes - a modest forecast. Canada's Bureau of Statistics is expected to lower its forecast for wheat crops to 26.1 million tonnes.

Yesterday soybeans futures in Chicago rose by 4.75 - 8.5 cents / bushel. USDA announced a private export sale of 132,000 tonnes of soybeans to China from the new crop. Export sales of US soybeans are 400,300 tonnes of old crop + 2,008,926 tonnes of new crop. The largest buyers were China 1.351 million tonnes and an unknown buyer 533,500 tonnes. Exports for the week reached 701,552 tonnes. Sales of soybeans meal were 95,000 tonnes + 247,200 tonnes and soybeans oil 14,600 tonnes + 7,500 tonnes.

Yesterday corn futures in Chicago rose by up to 1 cent / bushel. Export sales of US corn are at 102,400 tonnes of old crop (+ 44.04%) + 423,300 tonnes of new crop (-60.06%). Corn exports reached 724,972 tonnes. The largest buyers were an unknown buyer, Japan and Mexico. Authorities in China have sold 176,816 tonnes of corn from 2013 and 2014 crops.