CBOT soybeans may test support at $13.31

SINGAPORE: The CBOT soybean March contract may test a support at $13.31 per bushel, a break below which could open the way towards $13.05 to $13.16-1/2 range.

A rising channel suggests a correction target around $13.05-1/2, which will be confirmed when the contract breaks a support at $13.31.

The current strong bearish momentum suggests a remote chance the support at $13.31 will hold. Resistance is at $13.46-1/2, a break above which could lead to a gain to $13.56-1/4.

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