SINGAPORE: The CBOT soybean May contract is poised to break a resistance at $14.31-1/2 per bushel and rise towards $14.46-1/2.

A double-bottom forming around $13.91-1/2 has been confirmed, suggesting a target around $14.62-1/2.

Following its failure to break $14.31-1/2 on Tuesday, the contract may succeed this time.

A break below $14.20-1/2 could signal the second failure to overcome the barrier. A bearish target of $14.04-1/2 will be established then.

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