SINGAPORE: The CBOT soybean May contract looks neutral in a range of $14.04-1/2 to $14.20-1/2 per bushel, and an escape could suggest a direction.

The uptrend from $13.36-3/4 looks temporarily intact. A break below $14.04-1/2 could signal a reversal of the trend. A bearish target zone of $13.62-1/2 to $13.78-1/2 will be established then.

A break above $14.20-1/2 could confirm a continuation of the uptrend towards $14.62-1/2. The bias could be towards the downside, as the contract tends to fall towards the bottom of the wave b around $13.78-1/2.

Signals on the daily chart are a bit bearish as well, as the contract is zigzagging up in a rising channel, which suggests a further drop into $13.76-3/4 to $13.95 range.

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