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Coffee & Soybean Ticks Higher As Consumption Demand Rises

By Research Team Wednesday, Jan 18, 2023
COFFEE

    • 11.05amW1
    • High152
    • Low148.4
    • Close151.1

Coffee traded at 151.10, 0.01% up since previous day close. The Coffee prices opened on higher note in previous session after remaining shut n Monday on account of national holiday in U.S. The soft US Dollar Index amid higher chances of smaller interest rate hikes in next FOMC meeting led buying pressure in Coffee; since this pushes up Brazilian Real (BRL) currency. The changes in weather conditions in Brazil, one of the major Coffee producing countries turned up unfavorable for Coffee production which led an increase in prices. The commodity slid down to two-year lows of $150 last week as demand lowered down from China due to imposition of Covid-19 restrictions & inflationary pressure across the globe. Buying on lower side may be recommended for the day in the commodity.

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Commodities

COFFEE

Intra Day
Near Day

Technical Levels

R3 157.70000
R2 154.10000
R1 152.60000
Turnaround 150.50000
S1 149.00000
S2 146.90000
S3 143.30000
By Research Team Wednesday, Jan 18, 2023
SOYBEAN

    • 11.30amW1
    • High1546.41
    • Low1539.16
    • Close1545.48

Soybean is trading at 1545.98, 0.09% up since previous day close. An upward momentum continued to be seen in Soybean prices against the steady USD after U.S posted progressive CPI data & employment figures which raise the chances of smaller rate hikes in the next FOMC meeting. The indirect trading correlation between USD & agri-commodities led bullishness in Soybean. The change in climatic conditions in major beans producing country, Argentina & lower supplies as per the USDA report further cushioned the Soybean prices. Buying bias may be suggested in Soybean since the commodity strongly showed a reversal from short term as well as long term Moving Average of (100) which acts as major support level.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1582.32
R2 1555.54
R1 1545.18
Turnaround 1528.76
S1 1518.4
S2 1501.98
S3 1475.2
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