COFFEE traded at $179.48, 0.06% up since previous close. The Coffee closed on relatively on higher side on Wednesday; however, may open flat today. The U.S FOMC dovish stance of leaving interest rate unchanged at 5.00% to 5.25% range in recent meeting & hinting for two smaller rate hikes in this year led slight selling pressure in global commodities. The prices retraced down from $195 levels which can also be termed as profit booking phase. The change in climatic conditions in Brazil turning unfavorable for Coffee production & supplies led to the rally since Brazil is a major producer of beans. As seen in the chart, the Coffee is now trading near lower trend-line of channel & hence, the cautious trading may be recommended for the day in Coffee.

SOYBEAN is trading at $1389.03, 0.28% up since previous day close. An upside can be seen in Soybean prices on Thursday amid rise in demand against the supplies across the globe. Also, the steady USD after U.S Fed left an interest rate steady & hinted for two more rate hikes in this year led Brazilian Real (BRL) Soybeans to trade on higher note. The weekly USDA report showed a fall in exports & supplies for the week from major beans producing countries which turned up positive for Soybeans prices. The frequent changes in weather conditions in Argentina affects the beans plantation & supplies which makes the commodity highly volatile.      Buying bias may be recommended on lower side on daily basis in Soybean.