Coffee traded at 169.80, 0.25% up since previous day close. The Coffee prices sharply moved up in earlier session against the steady USD ahead of the U.S FOMC meeting which may showcase a smaller rate hike decision. This strengthened the Brazilian Real (BRL) currency which fetches higher profits to Brazilian farmers while exporting the beans to U.S. Besides this, the changes in weather conditions in Brazil turned up unfavorable for Coffee output which led an increase in prices. Earlier, the commodity slid down to two-year lows of $150 last week as demand lowered down from China due to Covid-19 restrictions & inflationary pressure across the globe. Sharp buying on each & every corrective dip may be recommended for the day in the commodity.

Soybean is trading at $1524.98, 0.09% up since previous close. The mild recovery can be observed in Soybean prices after witnessing a selling pressure in the last week amid mixed global cues. The recent weekly USDA report showed a fall in Soybean exports & supplies level which widely cushioned the prices. Globally, the steady USD amid suspicious chances over smaller interest rate hikes in the next FOMC meeting led buying pressure in commodities. The change in climatic conditions in Argentina; a major producer of Soybeans pushed up the Soybean prices. As seen in the chart, the Soybean successfully took a support of short term Moving Averages which shows the further chances of upside momentum.