The currency pair EUR/USD decreased to 1.1929. The price of US WTI crude oil rose to 73.08 USD/barrel.

The price of oil continues to rise, supported by signs of a new decline in US stocks, which is another bullish indicator. According to the American Petroleum Institute, crude oil stocks fell by 7.2 percent last week. This is the fifth consecutive week of declines - the longest series since January.

Yesterday, CBOT September wheat futures prices rose by 8 3/4 cents to close at $6.63 3/4 a bushel. Spring wheat price in Minneapolis has risen sharply. The lack of rainfall in the northern and western states is the reason for the growth in wheat futures prices. The market is closely monitoring the data on export sales and this will form the new price trend, because yields and quality in Kansas are already clear. For the week ended June 17, 2021, export sales of wheat from the United States are expected within the range of 200,000 - 525,000 tons. Japan is looking to buy 159,665 tons of wheat from the United States and Canada. On the fifth day of the harvesting campaign of wheat in Kansas, reports show yields above expectations. The protein content is below the usual within 10 - 12%. SovEcon once again raised its forecast for the wheat production in Russia in 2021, this time by +2.7% to 84.6 million tons. In the Canadian province of Manitoba, crops are in desperate need of rainfall, but weather forecasts do not indicate for  any rainfall.

Yesterday, Chicago December corn futures prices fell by 3 1/4 to close at $5.35 3/4 a bushel. Rainfall came in parts of the US Corn Belt accompanied by devastating hail. The market assessed the new moisture properly and prices fell. However, the decline reduced farmers' willingness to sell and prices were limited by this. The reality is that corn prices are quite high, well above the average levels for the last 7 years. Pro Farmer estimates that the corn areas in the United States will be 93.6 million acres by 2021. With these areas and a corn yield of 172 bushels/acre, the corn production will reach 374 million tons, which is not much for the world's current corn balance. Other estimates, however, point to 95-96 million acres, which is a lot. In the week ending June 18, 2021, the production of ethanol in the United States was 1.08 million barrels per day, which is 23,000 barrels per day more than the previous week. Stocks increased by 518,000 barrels for the week to a total of 21.12 million barrels. Weekly export sales of corn from the United States will be 0 - 400,000 tons of old crop and 200,000 - 500,000 tons of the new corn crop.

China imports a record amount of corn. Farmers in the country have increased corn areas and the corn production is now projected to reach a record of 272 million tons. Corn prices in China have fallen to their lowest levels since December 2020 mainly due to strong imports and the government pressure on the market.

Yesterday, CBOT November soybean futures prices decreased by 2 cents to close at $13.02 1/4 a bushel. Prices have fallen due to rainfall and declining demand for soybeans in the United States. The large US soybean exports to China did not significantly affect yesterday's prices. The focus remained on rainfall. Pro Farmer projects the soybean areas in the United States at 88.7 million acres in 2021. With these areas and a yield of 50 bushels/acre, the soybean production will reach 120 million tons. Weekly export sales of soybeans from the United States are expected within the range of -100,000 - +175,000 tons of old crop and 200,000 - 800,000 tons of the new soybean crop. The USDA confirmed the sale of 333,000 tons of soybeans to China. In two days, China bought 0.78 million tons of new soybeans from the United States. Egypt's state-owned company GASC purchased 63,000 tons of soyoil and 10,500 tons of sunseed oil. China's pig herd has grown by 24% since the beginning of the year and has almost recovered to pre-plague levels.