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Soybean Prices Weaken Amid Rising Supplies While Natural Gas Trades in Green

By Research Team Wednesday, Sep 13, 2023
Soybean

    • 1.18pmd1
    • High1349.97
    • Low1342.25
    • Close1349.44

SOYBEAN is trading at $1349.03, 0.14% down since previous day close. The slight selling pressure can be seen in Soybean prices in the previous session amid slowing demand against the steady supplies. ON global front, the traders & investors waits for the result of U.S CPI data due to be released today since this may affect price momentum in agri-commodities. Besides this, the changing climatic conditions in Argentina may remain vital for prices; since Argentina is a top producer of beans. Uncertain Fed monetary outlook will remain vital for prices.  As seen in the chart, the Soybean seems to be crossing down the MA (10) & MA (20) & hence, slight selling pressure may be recommended for the day.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1416.33
R2 1384.81
R1 1366
Turnaround 1353.21
S1 1334.4
S2 1321.61
S3 1290.03
By Research Team Wednesday, Sep 13, 2023
NAT GAS

    • 1.36pmd1
    • High2.777
    • Low2.598
    • Close2.726

Natural Gas is trading at $2.726, 0.22% up since previous day close. The Natural gas continued to show upward momentum on Wednesday on account of rising consumption demand of heating fuels from U.S & European regions amid change in weather conditions. Last week, the U.S Energy Information Administration (EIA) report showed a build-up in Natural Gas inventory level by 33B lower than expected build-up of 38B. This signaled for lesser storage & supply levels & hence, pushed up the prices. Uncertain FOMC monetary outlook will remain vital for USD & energy commodities. As seen in the chart, the Natural Gas slid down till MA (200) which acted as a major support level & a reversal momentum may be noticed. Buying on dips may be recommended for the day.

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Commodities

NAT GAS

Intra Day
Near Day

Technical Levels

R3 3.058
R2 2.879
R1 2.803
Turnaround 2.7
S1 2.624
S2 2.521
S3 2.342
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