The currency pair EUR/USD rose to 1.1903. The price of US WTI crude oil rose significantly for the day to 73.66 USD/barrel.

The price of US WTI light crude oil crossed the threshold of $72 per barrel after it became clear that negotiations between the world powers and Iran on the nuclear deal ended without an agreement. At the same time, the election of conservative cleric Ibrahim Reyzi as Iran's new president could even further complicate dialogue. Reisy is under US sanctions and Tehran is pushing for them to be lifted so that negotiations can progress.

Yesterday, CBOT SRW September wheat futures prices fell by 3/4 cents to close at $6.65 a bushel. The drought in the spring wheat areas is progressing and the decline in ratings is now significant. No precipitation is expected soon. However, good yields in areas with winter wheat are calming the situation at the moment. Historically, wheat prices have been below those of corn in some contracts, but this is determined by the supply of wheat, which is currently good, unlike corn supply. Very hot and dry weather has set in in Russia. So far, farmers have not responded with comments, but this is due to sufficient moisture in the soil and the start of the harvesting campaigns of barley and wheat. As of June 20, 2021, 17% of the winter wheat crops in the United States have been harvested (4% a week earlier and 26% on average for the last five years). Yields are above average at very low humidity levels. 49% of the winter wheat crops in the United States are in good and excellent condition (48% a week earlier and 52% a year earlier) and 27% of spring wheat (37% and 75%). There was a very sharp decline in the condition of spring wheat for the last week. Spring wheat was not in such a bad condition years ago. During the week ended on June 17, 2021, the export inspections of wheat from the United States were at the level of 548,578 tons (499,774 tons a week earlier and 686,036 tons a year earlier). Since the beginning of the season, total export inspections of wheat reach 1.24 million tons (1.49). In June, Russia will achieve very good wheat exports given the results for the first two weeks of the month (2.4 million tons). In this regard, FOB prices of Black Sea wheat continue to decline slightly.

Yesterday, Chicago December corn futures prices decreased by 9 1/4 to close at $5.57 a bushel. Precipitation in the Midwest is reported to be good. However, rainfall did not cover all areas and there are areas that received minimal rainfall. Most of the precipitation fell in the eastern parts of the US Corn Belt, occupying 2/3 of all areas. The remaining 1/3 remain dry - to the west and north. No precipitation is expected in the western regions for the next 10 days and temperatures will be above normal. Historically, corn crops are doing well and this will be the assessment of their condition if, however, there is rainfall to restore the plants. Another concern, since autumn of last year, is that the deep soil moisture is gone and very regular rainfall will be needed for it to recover. 65% of crops (68% and 72%) are in good and excellent condition in the United States. The weekly export inspections of corn from the United States are at the level of 1.48 million tons (1.61 and 1.31) and from the beginning of the season they add up to a total of 55.52 million tons (32.10). Dalian corn prices continue to fall given the strong imports and reduced feed consumption. In Brazil, corn prices are stabilizing due to the growing import needs. In the EU, supplies of corn from the old crop are also low and prices are high.

Yesterday, CBOT November soybean futures prices rose by 6 1/4 cents to close at $13.19 1/4 a bushel. Soybeans were supported by rainfall in the Midwestern United States, rising soyoil prices, a slight decline in soybean ratings and new US soybean export sales. The good news is that sales appear after the fall in prices, ie. buyers take advantage of the situation. As with corn, the western regions remain dry and problematic. Yesterday, soybean prices in Dalian rose. In the United States, 97% of the area planned for soybeans has now been sown (94% a week earlier and 94% on average over the past five years). 60% of the crops (62% and 70%) are in good and excellent condition. The weekly export inspections of soybeans from the United States are at the level of 175,359 tons (129,536 and 255,810) and from the beginning of the season they totaled 56.98 million tons (36.49). The USDA reported two large export sales of soybeans - 336,000 tons of the new soybean crop to China and 120,000 tons of the new crop to an unknown destination. Egypt is looking to buy 30,000 tons of soyoil. The Brazilian farming group Aprosoja predicts that in the new season, soybean areas in Brazil will increase by 5.8% to a record of 98.84 million acres. This will make it possible to achieve a stable soybean production above 135 million tons. Soybean prices in Brazil have fallen over the past week. Export prices of Ukrainian rapeseed with delivery within July - August fell by 60 USD/ton to 595 - 605 USD/ton and the export price of sunseed dropped by 10 USD/ton to 690 - 700 USD/ton.

Pork prices in China have reached such marginal levels that about 10% of small farmers lose from pig production, according to official data. Currently, the demand for pork is at a seasonally low level due to a change in consumer habits. The population is aging and the consumption of this type of meat is now lower.