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Steady Natural gas Ahead of EIA Estimates & Soybean Slides to $1450 Levels

By Research Team Thursday, Mar 23, 2023
SOYBEAN

    • 10.35amd1
    • High1452.25
    • Low1444.5
    • Close1451.03

SOYBEAN is trading at $1452.03, 0.06% up since previous day close. The Soybean slid down to five-month lows at $1450 levels on Wednesday after the USDA report showed a rise in weekly exports & supplies of beans against steady demand. The changing climatic conditions in Argentina from drought to normal weather raises the Soybean output, for Argentina is a major producer of beans & hence, made the commodity less expensive. Globally, the lower U.S GDP forecast for the current fiscal year further weigh down the prices since this may reduce the demand of commodities from world’s largest economy. Selling bias may be established in Soybean & the commodity may be expected to test next support level of $1430 further.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1512.29
R2 1484.21
R1 1467.86
Turnaround 1455.43
S1 1439.08
S2 1426.65
S3 1397.88
By Research Team Thursday, Mar 23, 2023
NAT GAS

    • 11.01amw1
    • High2.209
    • Low2.171
    • Close2.208

Natural Gas is trading at $2.207, 0.04% down since previous day close. The tight range can be seen in Natural Gas prices since last session as traders & investors waits for the result of U.S Energy Information Administration (EIA) report which will be issued today with an expectation of drop-down in Natural gas inventory levels by 75B. If actual comes out to be in line with expectation, a reversal & an upside can be noticed; otherwise, a downside may be extended further. The decline in Oil prices & changing weather conditions in European & US regions made the Natural gas prices weaker as well. As seen in the chart, the Natural Gas is trading near previous lows of $2.200 which acts as major support level. Slight selling bias may be suggested in Natural Gas on daily basis.

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Commodities

NAT GAS

Intra Day
Near Day

Technical Levels

R3 2.54
R2 2.376
R1 2.279
Turnaround 2.212
S1 2.115
S2 2.048
S3 1.884
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