SINGAPORE: The CBOT soybean May contract may drop into $14.54-3/4 to $14.61-3/4 range, as a five-wave cycle from $14.23-1/4 has completed.

The wave 4 of the cycle ended around $14.61-3/4, which serves as a target.

The bearish divergence on the hourly RSI confirms an exhaustion of the rise.

Soybeans climb to one-week high on Argentina crop concerns

A decent correction is due. A break above $14.78-3/4 could lead to a gain into $14.85 to $14.89-1/4 range.

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