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Soybean Spikes Up While Base Metals Forms Range Bound Trading

By Research Team Wednesday, Mar 8, 2023
COFFEE

    • 10.35amD1
    • High183.3
    • Low177.4
    • Close182.18

Coffee traded at $182.18, 0.09% up since previous day close. The Coffee recovered from its recent lows of $177 levels as mild changes can be seen in demand side against the steady supplies. However, the commodity is expected to open on lower side on Wednesday against the strong USD after U.S Fed Jerome Powell hinted for aggressive rate hikes in near future in order to control inflation rate. This may weakened the Brazilian Real (BRL) currency & the Coffee prices. The changing weather conditions in Brazil & a slide in exports premiums in top producers over the past week may increase the supplies & prices may turn down in near future. Wait & watch strategy may be build-up for the day in Coffee since the commodity is trading near Fibo level 23.6.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 192.76
R2 186.86
R1 184.52
Turnaround 180.96
S1 178.62
S2 175.06
S3 169.16
By Research Team Wednesday, Mar 8, 2023
SOYBEAN

    • 10.58amD1
    • High1517.29
    • Low1512.75
    • Close1514.76

Soybean is trading at $1514.98, 0.08% up since previous close. The Soybean traded on positive note for consecutive third sessions as supplies seems to be reducing from one of the major Soybean producing countries, Argentina; amid changing climatic conditions which turned to drought situation. On Tuesday, the Soybean showed a mild fall against the strong USD after U.S Fed Powell hinted for higher interest rate hikes in near future. The traders & investors will be waiting for the USDA report release which is due today; showing the changes in weekly Soybean export sales. As seen in the chart, the soybean successfully reversed up from MA (100) & MA (200) & hence, buying on dips may be recommended for the day.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1552.93
R2 1536.14
R1 1524.95
Turnaround 1519.35
S1 1508.36
S2 1502.26
S3 1485.77
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