SINGAPORE: The CBOT soybean March contract may fall to $13.56-3/4 per bushel, as it has broken a support at $13.76-3/4.

The support is identified as the 23.6% projection level of a downward wave C from $14.09-1/2. The break below the support signals a possible extension of the drop from the Feb. 9 high of $14.09-1/2.

The lower trendline of this pattern suggests a target of $13.56-3/4.

On the daily chart, the contract is stuck in a neutral range of $13.54-1/2 to $13.97.

Following its failure to break $13.97, the contract may retreat towards $13.54-1/2.A drop below $13.54-1/2 could signal an extension of a wave 4 towards $13.03-3/4.

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