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Steady USD Limits Volatility in Agri-Commodities While Copper Turned Bearish

By Research Team Thursday, May 25, 2023
Soybean

    • 11.05amd1
    • High1325.79
    • Low1319.5
    • Close1320.77

SOYBEAN is trading at $1321.03, 0.06% down since previous day close. The Soybean witnesses flat to lower side trading amid mild changes in demand & supply ratio across the globe. The stronger USD on account of ongoing U.S debt ceiling talks turned out to be negative for Brazilian Real (BRL) currency vis-à-vis Soybean. Earlier in a week, the USDA report showed a rise in exports & supplies for the week which turned out to be negative for prices. The change in weather conditions in Brazil may increase the plantation & harvesting of beans in future course of time which may lead to excess supply & hence, causes downfall in Soybean prices. Selling on higher levels may be suggested in the commodity on an intraday basis.

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Commodities

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1368.35
R2 1347.04
R1 1335.28
Turnaround 1325.54
S1 1313.78
S2 1304.04
S3 1282.35
By Research Team Thursday, May 25, 2023
Natural Gas

    • 11.21amd1
    • High2.589
    • Low2.56
    • Close2.562

Natural Gas is trading at $2.563, 0.12% up since previous day close. The gains in Natural gas continued to be observed on Thursday as consumption demand rises against the steady supplies. Last week, the U.S Energy Information Administration (EIA) report showed a build-up in Natural Gas inventory level by 99B lower than estimated rise of 109B; signaling for lower storage levels. However, the traders will be looking forward to the result of EIA estimates with an expectation of a rise in Gas inventories by 100B. Earlier, the news spurred in that the major Natural Gas producers are expected to lower down drilling & output levels amid low pricing environment in the year 2023 which pushed up the prices. Buying on each & every corrective dip may be recommended for the day.

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Commodities

Natural Gas

Intra Day
Near Day

Technical Levels

R3 2.782
R2 2.669
R1 2.625
Turnaround 2.556
S1 2.512
S2 2.443
S3 2.33
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