COFFEE is trading at $184.75, 0.12% up since previous close. A sharp recovery can be seen in Coffee prices since last two trading sessions as demand increases against the steady supplies. The changing weather conditions in Brazil turning unfavorable for Coffee beans production affects the supplies across the globe; since Brazil is a major producer of Coffee beans. This widely pushed up the prices. On global front, the steady USD as chances of higher rate hikes may be expected in Fed’s meetings may lead the commodity to open on lower note for a while on Monday. As seen in the chart, the Coffee surpasses the Fibo level 23.6; how-so-ever the fundamental factors may the Coffee to resist the levels. Sideways trading may be recommended for the day in Coffee.

SOYBEAN is trading at $1498.03, 0.06% up since previous day close. The slight recovery can be seen in Soybean prices after sliding down to lower levels of $1475 in last week. However, the steady USD as traders expects a higher rate hike stance in next Fed’s meeting may result into weak Brazilian Real (BRL) currency & Soybean as well. The change in climatic conditions in Argentina from normal weather affects the Soybean output & supplies & hence, made the commodity expensive again, for Argentina is a major producer of beans. As seen in the chart, the Soybean reversed upside from previous lows which acts as major support level & is, now trading near MA (10). Buying may be recommended for the day in Soybean.