The EUR/USD currency pair decreased to 1.1837. The price of US WTI crude oil fell to 68.15 USD/barrel.

Oil price is falling again given global fears of the spread of the delta variant of the coronavirus, which have surpassed expectations for a new decline in US oil stocks. The U.S. Petroleum Institute predicts a drop in U.S. oil stocks of 879,000 barrels in the week ended July 30. According to the same data, stocks of distillates, including diesel, fell by 717 thousand barrels, while gasoline stocks fell by 5.8 million barrels.

Yesterday, Chicago SRW September wheat futures prices fell by 7 1/4 cents to close at $7.17 1/4 a bushel. For the week ended July 29, 2021, export sales of wheat from the United States are expected within 250,000 - 700,000 tons. The Ministry of Agriculture of France estimates the soft wheat production in the country in 2021 at 36.7 million tons compared to 37.1 million tons in the previous forecast, as the reduction is due to heavy rainfall. According to the latest forecast of the FAS USDA, the wheat production in Turkey will reach 16.5 million tons in 2021, compared to the initial April forecast of the USDA of 17.6 million tons. Turkey and Algeria have bought more than 300,000 tons of wheat each, while Pakistan is looking to buy 400,000 tons of wheat.

Yesterday, CBOT December corn futures prices decreased by 5 cents to close at $5.46 3/4 a bushel. USDA analysts will use farmers' surveys to predict the average yield in this report. The short-term weather forecasts look favorable, but this is changing very quickly. As the harvesting campaign approaches, it remains to be assessed whether the areas with good yields will exceed those with low yields. In the Chinese province of Guizhou, a signal has been issued for very high temperatures and an intensified drought. 1.3% of the country's corn crops are grown in the province. StoneX estimates the average corn yield in the United States at 176.9 bushels/acre and the corn production at 379.6 million tons. DDGS export prices from the United States increased by 8 USD/ton to 233 USD/tons for the previous week and DDGS September exports prices rose to 254 USD/ton. Weekly export sales of corn from the United States are expected within -150,000 - +200,000 tons of the old crop and 200,000 - 600,000 tons of the new corn crop. Taiwan bought 55,000 tons of feed corn, most likely from South Africa. According to Anec's forecast, 3.1-4 million tons of corn will be exported from Brazil in August, compared to 6.7 million tons in August 2020. Soybean exports will be within 4.9-5.5 million tons (9 in July and 5.6 in August 2020). Turkey purchased 515,000 tons of feed barley with delivery within September 1-15 and the FAS USDA forecasts a barley production in the country of 4.5 million tons compared to the initial forecast for the season of 7.7 million tons. The situation with the wheat and barley productions in Turkey is tragic. The declines are large compared to 2020 and this forces the country to hold quick tenders for large purchases.

Yesterday, Chicago November soybean futures prices rose by 6 cents to close at $13.25 3/4 a bushel. StoneX forecasts an average soybean yield in the United States in 2021 of 50 bushels/acre and a soybean production of 117.8 million tons. The weekly export sales of soybeans from the old crop will be in the range of -100,000 - +100,000 tons and weekly export sales of the new soybean crop are projected within 200,000 - 500,000 tons. Weekly soymeal sales will reach 50,000 - 300,000 tons of old crop and 25,000 - 125,000 tons of the new crop. Sales of soyoil from the old crop will be within -10,000 - +10,000 tons. Egypt has canceled a tender to buy 30,000 tons of soyoil and 10,000 tons of sunseed oil due to high prices. China is not operating on the soybean market due to weak margins of processors and sufficient supply of soybeans in the country. The soybean market appears to be oversold and purchases are likely to follow, but this depends on the weather and demand.