CBOT soybeans may revisit April 22 high of $17.34

SINGAPORE: The CBOT soybean July contract may revisit its April 22 high of $17.34 per bushel, as it has broken above a resistance at $17.12-3/4.

The resistance worked as the last barrier towards $17.34.

The contract may have just completed a pullback towards this former resistance, now a support. It is poised to climb to $17.34.

A break below $17.12-3/4 may not trigger an impressive drop.

Wheat, soybeans edge higher on weather woes, firmer oil prices

Instead, the fall may be limited to $17.04-3/4. On the daily chart, the contract has broken a similar resistance at $16.97-1/2, it is expected to rise to $17.34.