The currency pair EUR/USD decreased to 1.1813. The price of US WTI crude oil fell to 71.65 USD/barrel.

Oil price fell after an unexpected increase in US gasoline stocks of more than 1 million barrels last week, data from the Energy Information Administration (EIA) on Wednesday. Distillate stocks rose by about 3.7 million barrels, while crude oil stocks decreased by 7.9 million barrels.

Yesterday, CBOT SRW September wheat futures prices rose by 17 3/4 cents to close at $6.72 a bushel. Prices rose after better-than-expected data for export sales. The harvesting campaign of wheat is slowing down after rainfall in Kansas. In the week ending 08.07.2021, the export sales of wheat from the United States were 424,691 tons (290,836 tons a week earlier and 764,385 tons a year earlier). Since the beginning of the season, total export commitments for wheat reach 7.12 million tons (8.25). Weekly sales are rising, but are still below the level of a year ago. IKAR has lowered its forecast for the wheat production in Russia in 2021 from 83.5 million tons to 81.5 million tons.

Yesterday, the prices of December corn futures in Chicago decreased by 2 1/2 cents to close at $5.56 1/4 a bushel. The market was calm and there were no important news to change the market direction. It is hard to believe that after so much rainfall in parts of the Midwestern United States, prices remain stable. Forecasts of a continuing drought in the northern and western parts of the US Corn Belt are also a cause for concern. The poor corn production in Brazil is expected to direct demand to the United States. In July, 3 million tons of corn will be exported from Brazil, compared to 5.1 million tons in July 2020. It is doubtful that the average yield of corn in the United States will reach 179.5 bushels/acre. A corn yield of 176.6 bushels/acre is also unlikely. Weekly export sales of corn from the old crop from the United States were 138,817 tons (173,177 and 981,068). The export commitments for the old corn crop add up to a total of 69.86 million tons (43.49). Weekly sales of corn from the new crop were 133,211 tons (198,218 and 655,440) and export commitments for the new corn crop reach 16.08 million tons (5.36). Weekly sales were very weak. Yesterday, corn prices in Dalian rose for a second day in a row.

Yesterday, Chicago November soybean futures prices fell by 3 1/4 cents to close at $13.80 a bushel. As with corn, the market expects more rainfall news to give direction to trade. Weekly export sales of soybeans from the United States were 21,653 tons (63,808 and 312,950). Since the beginning of the season, export commitments for soybeans have totaled 61.93 million tons (46.09). Sales of soybeans from the new crop were 290,750 tons (767,596) and total export commitments for the new soybean crop add up to 9.69 million tons (8.09). Weekly sales of soybeans are also very weak. Sales of soymeal reach 70,673 tons and weekly soyoil sales were negative (-887 tons). In June, 4.15 million tons of soybeans were processed in the United States compared to market expectations of 4.35. Yesterday, soybean prices in Dalian rose for another session. Palm oil price rose sharply in Malaysia.

We are now waiting for the weather forecasts and potential precipitation. For now, it will continue to be dry in the north and west in the United States, Canada and the Black Sea region. We will receive important signals by the end of the month and the beginning of August.