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Soybean Slid Down to Recent Lows While Metals Trade Sideways

By Research Team Monday, Mar 20, 2023

    • 10.30am D1
    • High182.05
    • Low174.8
    • Close176.75

COFFEE is trading at $176.75, 0.19% down since previous close. The profit booking can be seen in Coffee prices on last working of the past week after rallying to two-weeks higher levels of $182. The mixed global sentiments ahead of the U.S Fed meet may limit the gains in commodities whereas a slight upside spike may be noticed in Coffee in today’s opening. Earlier, the soft USD amid ongoing U.S financial & banking crisis, falling Oil prices & lower U.S CPI rate reduces the chances of higher rate hikes in Fed’s upcoming meeting which may turn out to be supportive for Brazilian Real (BRL) currency & Coffee prices. The sideways trading may be expected for the day in Coffee since the commodity is hovering within the two Fibo levels of 23.6 & 50.0.

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Intra Day
Near Day

Technical Levels

R3 192.366
R2 185.12
R1 180.93
Turnaround 177.87
S1 173.68
S2 170.62
S3 163.366
By Research Team Monday, Mar 20, 2023

    • 10.55amD1
    • High1478.04
    • Low1469.75
    • Close1470.26a

SOYBEAN is trading at $1470.03, 0.13% down since previous day close. The sell-off can be seen in Soybean prices since last two sessions as changing climatic conditions from drought weather to normal in Argentina led increase in Soybean output & supplies, for Argentina is a major producer of beans. Also, the mixed USD ahead of the U.S FOMC meeting wherein a smaller rate hike is expected will remain vital for global commodities & agri-commodities. Last week, the USDA report showed a rise in weekly exports & the declining Oil prices weigh down the Soybean even more. Slight selling bias may be seen further & a strong breakdown can be observed if breaks the major support of MA (200).

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Intra Day
Near Day

Technical Levels

R3 1536.77
R2 1508.9
R1 1492.93
Turnaround 1481.19
S1 1464.48
S2 1453.4
S3 1425.16

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