The currency pair EUR/USD decreased to 1.1864. The price of US WTI crude oil rose to 74.10 USD/barrel.

Oil price begins the new week with increases against the background of the new peak of coronavirus cases in many parts of the world. There are also signs that China's recovery is slowing down, with economists saying it comes earlier than expected.

Yesterday, CBOT SRW September wheat futures prices rose by 25 3/4 cents to close at $6.40 3/4 a bushel. US spring wheat prices have risen the most as the USDA has sharply lowered its forecast for the spring wheat production. The forecast for spring wheat yield is only 30.7 bushels/acre, which is the lowest level since 2002. In the northern states, the drought continues. 16% of the spring wheat crops are in good and excellent condition (16% a week earlier and 68% a year earlier). The USDA predicts that the spring wheat production in the United States will reach 9.4 million tons in 2021, with market expectations of 12.4 million tons. In the United States, 59% of winter wheat is harvested (45% a week earlier and 65% a year earlier). For the week ended on 08.07.2021, the export inspections of wheat from the United States are at the level of 424.327 tons (361.811 tons a week earlier and 659.727 tons a year earlier). Since the beginning of the season, export inspections totaled 2.32 million tons (3.07 million tons a year earlier). The soft wheat production in France is projected at 37.1 million tons in 2021, which is 27% higher than 2020 according to the forecast of the Ministry of Agriculture of the France. Saudi Arabia has purchased 505,000 tonnes of milling wheat.

Yesterday, Chicago December corn futures prices increased by 16 cents to close at $5.33 a bushel. Corn prices have risen despite the neutral data from the USDA's July report. Apparently, market players assess the prolonged decline as excessive and are now regaining some of their positions. Over the weekend, the northwestern United States received less than expected rainfall. In the next 1-2 weeks temperatures there are expected to be above normal without any precipitation. The strength of the wheat and soybean market dragged corn up. 65% of corn crops (64% and 69%) 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 993,974 tons (1,236,243 and 917,968), and since the beginning of the season they add up to a total of 59.15 million tons (35.3). The USDA left its forecast for the average corn yield in the United States in 2021 unchanged at 179.5 bushels/acre. Safras & Mercado lowered its forecast for the second corn production in Brazil to 56.75 million tons from 61.59 million tons in the May estimate and 73.48 million tons in 2019/20. Thus, the total corn production in the country will fall below 90 million tons. Turkey bought 440,000 tons of feed barley with delivery in August.

Yesterday, the prices of November soybean futures in Chicago rose by 21 cents to close at $13.50 1/4 a bushel. Soybean prices rose after data on lower-than-expected precipitation in the northeastern United States and the forecast for hot and dry weather over the next 2 weeks. 59% of soybean crops (59% and 68%) are in good and excellent condition in the United States. Weekly export inspections of soybeans from the United States were 200,933 tons (208,136 and 483,429). Since the beginning of the season, total export inspections of US soybeans reach 57.66 million tons (37.87). The Chinese Ministry of Agriculture raised its forecast for the vegoils imports in the country in 2020/21 to 10.23 million tons, which is 0.9 million tons above the estimate from June - mainly growth in the import of palm and sunseed oil.