The EUR/USD currency pair decreased to 1.1689. The price of US WTI crude oil fell to 65.46 USD/barrel.

Oil prices continued to fall on Wednesday, despite a report of a new drop in US stocks, which could offset some of the worries about the coronavirus if confirmed by official data. The U.S. Petroleum Institute reported a 1.6 million barrel drop in U.S. crude oil stocks last week, including a drop at the key storage center in Cushing, Oklahoma.

Yesterday, CBOT SRW December wheat futures in Chicago rose by 2 3/4 to close at $7.51 1/4 a bushel. The weekly export sales of wheat from the United States for the week ended 12.08.2021 are expected within the range of 250,000 - 500,000 tons. Yesterday, Egypt bought 180,000 tons of wheat from Romania (120,000) and Ukraine (60,000). A total of 6 offers from Russia, Romania and Ukraine were presented at the tender. Russian prices were well above the rest. We can assume that the market offers are priced at 299 - 300 USD/ton FOB. In 2021, the wheat production in the Rostov region (Russia), which is one of the main export sites in the country, reached a record 11.33 million tons, 97% of which is mill wheat. Japan is looking to buy 143,765 tons of wheat from the United States, Canada and Australia. Morocco is looking to purchase 363,000 tons of durum wheat from the United States. High prices of American wheat limit exports. Durum wheat stocks in the United States are their lowest level for the last 7 years. Ending stocks held by the world's eight largest exporters are also expected to be at their lowest level in 14 years. There are indications that the Russian authorities may increase the export tax on Russian wheat from the current 30 USD/ton to 70 USD/ton.

Yesterday, Chicago December corn futures prices increased by 1 1/2 cents to close at $5.65 a bushel. Weekly US corn export sales are expected within -100,000 - +200,000 tons of old crop and +300,000 - 930,000 tons of the new corn crop. In the week ended August 13, 2021, ethanol production in the United States reached 973,000 barrels per day, which is 13,000 barrels per day less than the previous week. Ethanol stocks fell for the third week in a row, this time by 718,000 barrels to 21.558 million barrels. In three weeks, stocks decreased by a total of 1.175 million barrels. On the second day of the Pro Farmer tour, an average corn yield in Nebraska of 182.58 bushels/acre was estimated, which is 3.9% more than the average for the last three years. The average corn yield in Indiana is projected at 193.48 bushels/acre (+10.8%).

Forward prices of Ukrainian corn increased by 10 USD/ton to 250 - 260 USD/ton with delivery to port over the last week. Further growth is limited due to the fact that exporters have purchased large quantities and are about to export. About 50-60% of the wheat production in Ukraine has fodder qualities due to prolonged rainfall. The large supply of feed wheat will keep the price of corn growing.

Yesterday, Chicago November soybean futures prices fell by 8 1/4 cents to close at $13.53 1/4 a bushel. The USDA announced another export sale of 131,000 tons of soybeans from the new soybean crop to China. Since the beginning of the week, sales have reached 329,000 tons to China and 264,000 tons to an unknown buyer. Last week, sales were 522,000 tons to China and 758,000 tons to a unknown buyer. Soybean supplies to China usually start from the west coast of the United States. Due to the drought in this area, this year the production will be transported to the coast from the central regions or even from the eastern parts of the United States, which will slow down logistics and make it more expensive. Weekly export sales of soybeans from the United States are expected within -75,000 - +200,000 tons of the old crop and within 1 - 1.8 million tons of the new soybean crop. Sales of soymeal are projected within 25,000 - 200,000 tons of old crop and 50,000 - 250,000 tons of the new crop. Weekly soyoil sales are expected within 0 - 10,000 tons. The Pro Farmer tour reported a soybean pod number in Nebraska of +3.4% compared to the average for the last 3 years and +5.75% compared to the average for the last 3 years in Indiana. The price of soybeans in Dalian fell yesterday. Pig prices in China fall due to travel restrictions and demand for food. Processors' margins are low. All this weighs on the price of soy. China does not seem to be a desperate importer so far.