SINGAPORE: The CBOT soybean July contract may climb into a range of $13.35-1/4 to $13.44-3/4 as it managed to stabilize around a support at $13.05-1/4 again.

The two stabilizations suggest the formation of a flat pattern or a bullish double-bottom. The latter will be confirmed when the contract breaks $13.44-3/4. Both indicate a rise to $13.44-3/4.

Immediate support is at $13.13-1/2, a break below which could open the way towards the $12.92 to $13.05-1/4 range.

Soybeans, corn under pressure from dismal demand, strong dollar

On the daily chart, the consolidation seems to have extended within a range of $13.06 to $13.44-1/2.

What the sideways move could eventually evolve will only be obvious after an escape of the contract from the range.

A break below $13.06 could open the way towards $12.82-1/2.

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