SOYBEAN is trading at $1321.03, 0.19% down since previous day close. A massive selling pressure can be seen in Soybean prices as weather conditions in Argentina turns favorable for beans plantation & supplies which makes the commodity less expensive. Also, the weekly USDA report showed a rise in weekly exports & sales which further subdued the prices. Globally, the hawkish major world’s Central Bank stance over monetary policy led the selling pressure in global as well as agri-commodities. As seen in the chart, the Soybean retreated down after testing $1500 levels which indicates a correction phase. Selling bias may be established for the day in Soybean on daily basis.

Natural Gas is trading at $2.712, 0.31% up since previous day close. The Natural Gas prices moved on higher side despite bearish estimates released from U.S EIA report on Thursday. The report showed a build-up of 95B against the expected rise of 89B which shows more storage levels. Last week, the report showed a rise in Natural gas storage levels by 84B much lower than estimated rise of 97B. Last month, the commodity reversed upside from major support level of $2.00 levels with heavy trading volume. The major Natural Gas producers are expected to lower down drilling & production levels amid low pricing environment in the year 2023 which remains positive for prices. Buying on corrective dips may be recommended for the day in Natural Gas.