CBOT soybeans to hover around $13.90/bushel
SINGAPORE: CBOT soybeans July contract is expected to hover around $13.90 per bushel, as the sharp fall during the previous trading session is likely to be followed by a rebound.
Indeed, the rebound could have started after soybeans pierced briefly below an ascending trendline by hitting a low at $13.80-1/4.
The rebound could be strong enough to push the contract to $14.00.
A fall below $13.80 may only extend to $13.70, as the fall would become exhausted by then.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Copyright Reuters, 2011
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