EUR/USD index rose to 1.2000. WTI crude oil declined to 49.06 USD/barrel.

Oil prices have fallen on Thursday due to the fears that the Hurricane Irma in the Caribbean may cut supplies of crude oil to and from the United States, as well as fears that Libya's mining will recover after the interruptions. Prices, however, were somewhat backed by the rising demand for raw materials in the United States, where refiners in the Gulf of Mexico are starting work again after interruptions due to the Hurricane Harvey, which struck the region less than two weeks ago.

For the first time since 2010 until now there are three active hurricanes over the Atlantic Ocean. The greatest threat to the agriculture in the US is now the hurricane Irma. The biggest damage it can inflict is on citrus plantations and cotton.

Yesterday, Chicago crop prices were under pressure from the FAO's crop and stock report. Certainly, stocks are sufficient to cover every hit in the new season. The US corn extraction debate is insignificant against the backdrop of the stocks, even if they are taken only in the United States.
Still, a poll among the analysts suggests that the USDA will reduce its US corn yield forecast in 2017 by 2.4 bushels / acre up to 165.5 bushels / acre. This figure is certainly not a factor in the price growth, but it is not a factor for their strong decline.

Yesterday, US corn fell despite the strong ethanol production, which grew 18,000 barrels per day to 1.06 million barrels per day for the past week. In just one week in January, production was greater - 1.061 million barrels a day. In the week, ethanol stocks in the US fell by 187,000 barrels to 21,116 million barrels.

In Paris the rapeseed price dropped sharply to four weeks after the European Commission lowered its tariffs on imports of biodiesel from Argentina. The announcement was expected, but now the market is reacting impulsively. From 28.09.2017 the import duty for Argentine biodiesel is 4.5 - 8.1% of the current 22-25.7%. However, it contrasts with concerns about the world's cultural supply. In addition to the land in Canada and Australia, the crops will suffer from early frosts and cold weather. The strong and stable performance of the European economy has increased the course of the euro, and hence the impact on crop prices has been negative. The European Bank raised its forecast for euro area economic growth from 1.9% to 2.2%.

Weekly EU export data on soft wheat continue to be weak - only 226,000 tonnes for the past week. From the beginning of 2017 - 2018 the EU exports of soft wheat reach 2.7 million tonnes, which is 48% less than the previous season. Exports of feed barley are 543,000 tonnes (-54%) and corn 2.5 million tonnes (+ 50%).

The Russian ruble continues to appreciate against the US dollar. This is another drop in the competitiveness of their exports, including wheat. The debate is now about 85 million tonnes of Russian wheat crop. The Russians have an almost complete monopoly on the supplies in Egypt. At the same time, analysts expect the wheat crop in the EU to be 148-150 million tonnes at just 144 million tonnes in 2016 and an average for the past 10 years of 142.9 million tonnes. The EU has a sharp limit on the quality of wheat from large producers. In France the quality of the crop is very good. In Germany and Poland, however, rainfall has decreased, and now a large proportion of wheat there is feed wheat. As a result, wheat exports from Germany since the beginning of the season are only 472,000 tonnes at 775,800 tonnes in the previous year. The pace is 24% below the average for the past three years. The UK debate is more about the volume of the crop. In view of this, there are opinions that export is not very expedient.

Yesterday wheat futures in Chicago fell by 6.75 - 8.75 cents / bushel. In July, 3.03 million tonnes of wheat were exported from the United States, up by 34.71% more than last year. Export sales of wheat from the US are expected to the amount to 350,000 - 550,000 tonnes.

Corn futures fell yesterday in Chicago by 3.25 - 5.75 cents / bushel. For the last week of the old season export sales of US corn are expected at 0 - 250,000 tonnes, and from the new season 650,000 - 950,000 tonnes. In July, exports of US corn were 18.91% below the July 2016 level. - 4.927 million tonnes. Authorities in China have sold 766,122 tonnes of corn crop in 2013. and 2014 of the proposed 1.33 million tonnes.

Yesterday soybeans futures in Chicago fell by 2.5 cents / bushel. In July, 1.795 million tonnes of soybeans were exported from the United States, which is 70.66% more than in July 2016. Export sales of US soybeans will be within a reduction of 200,000 tonnes to a growth of 100,000 tonnes for an old crop + 700,000 to 1,000,000 tonnes of new crop. Exports of soybeans meal will be 140,000 - 450,000 tonnes and soybeans oil 0 - 42,000 tonnes. It is expected in USDA's September report that the average soybeans yield in the US will be reduced to 48.7 bushels / acre.