Markets
CBOT soybeans to retrace to $13.22-3/4 a bushel
SINGAPORE : CBOT soybean November contract could retrace to $13.22-3/4 per bushel, as it has completed an "A-B-C" correc
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The downgrade of USDA forecast on crops only quickened the development of a wave "C" which narrowly missed $13.59-1/2, the 161.8 percent Fibonacci projection level, based on the length of the wave "A" that rose from $12.82 to $13.22.
Chances are low for soybeans to retest $13.59-1/2, while a rise above $13.42 would extend to $13.54.
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Copyright Reuters, 2011