COFFEE traded at $176.18, 0.10% down since previous close. The selling pressure can be seen in Coffee prices on Tuesday amid mixed USD ahead of the Fed Powell testifying speech due today; showing more cues over future monetary policy approach. Last week, the commodity traded on positive side on account of US FOMC dovish stance of leaving interest rate unchanged at 5.00% to 5.25% range in its recent meeting & hinting for two rate hikes in this year. 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 below the lower trend-line of channel & hence, is sustained at lows, further downside may be seen.

SOYBEAN is trading at $1483.03, 0.16% up since previous day close. The gains in Soybean extended on Wednesday amid massive rise in consumption demand against the steady supplies. Globally, the mixed USD ahead of the U.S Fed Chair Powell testifying speech, modest Chinese PLR rate cut & an impending decision over stimulus package offering in China remained vital for commodities. The weekly USDA report showed a fall in exports & supplies & the frequent changes in weather conditions in Argentina affects the beans plantation & supplies which makes the commodity highly volatile. Buying bias may be seen further in Soybean since the commodity crossed over MA (100).