Midday update for Sugar price 16-08-2021

Soybean price fluctuates around 1370.00 level, and it needs to get the negative momentum and get positive motive that assist to push the price to continue the expected bullish trend for today, which targets 1380.00 followed by 1414.00 levels as next main stations, while holding above 1355.00 represents key condition to achieve these targets.

Corn price shows some bearish bias now to move below 571.50, waiting to get positive motive that assist to push the price to resume the expected bullish trend for the upcoming period, which depends on the price stability above 559.00, while it targets 584.10 followed by 599.70 levels as next main stations.

Brent oil price attacks 69.65 level and settles below it now, to support the expectations of continuing the bearish trend on the intraday and short term basis, organized inside the bearish channel that appears on the chart, as our next target is located at 67.70, while the price needs to get a four hours’ candlestick close below 69.65 initially to reinforce the suggested negative scenario.