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.

A break below $14.04-1/2 could be followed by a drop towards $13.78-1/2 to $13.91-1/2 range. The bias seems to be towards this side.

A break above $14.20-1/2 could lead to a gain into $14.31-1/2 to $14.46-1/2.

On the daily chart, the pattern around $14.54-3/4 looks more and more like a double-top, based on the weak bounce from the April 1 low of $13.98-1/2.

Only a rise above $14.33-1/2 could bring some hope to the continuation of the uptrend.

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