SINGAPORE: The CBOT soybean May contract may test a support at $13.78-1/4 per bushel, with a good chance of breaking below this level and falling to $13.62-1/4.

The support is identified as the 61.8% retracement on the uptrend from $13.36-3/4 to $14.45-3/4. The correction from $14.45-3/4 consists of three waves.

The wave a ended around $13.78-1/4 while the wave b around $14.20. The wave c is expected to travel to $13.62-1/4 or far below this level.

It is not very clear if a weak bounce could be triggered by the support. Such a bounce may be limited to $13.91-1/4. On the daily chart, the contract is consolidating within a rising wedge, which looks like a top pattern.

A break below $13.63 could confirm this wedge and a target of $13.11-3/4.

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