Soybean is trading at $1516.98, 0.24% down since previous close. A sharp selling can be seen in Soybean post rally seen in the commodity last week; testing the higher levels of $1550. The unfavorable climatic conditions resulted into droughts in Argentina which lowered down the beans output & supplies; & hence, pushed up the prices since Argentina is a top producer of Soybeans. Also, the Brazilian bean harvesting seems to be slowing down which again remain vital for prices. The recent USDA report showed same productivity or U.S Soybeans while a slight increase in stocks by 400 thousand tons. Slight selling bias may be established in Soybean since the commodity is expected to still hover near MA (10) & MA (20).

Copper traded at $8694.3, 0.23% down since previous close. Like global commodities, the base metals, too, witnessed a selling pressure & the same momentum can be extended in today’s session. The Copper is expected to open on lower side against the strong USD & resurging U.S bond yields. The U.S FOMC Minutes showed aggressive rate hikes in the next Fed meeting led selling bias in base metals. Earlier, the Copper moved up to $9100 mark as major economies showed a progress in their Manufacturing PMI figures & the economic conditions in China seem to be improving which may retain demand of Copper. As seen in the chart, the Copper slid down below the lower trend-line of channel pattern & hence, further downward momentum may be expected.