SINGAPORE: The CBOT soybean July contract may retest a support at $14.89-3/4 per bushel, a break below which could open the way towards $14.54-1/2 to $14.76-1/4 range.

The contract is riding on a wave c, which is extending towards $14.54-1/2 to $14.76-1/4 range, as it has broken a key support at $15.11-3/4.

The bounce triggered by the support at $14.89-3/4 has been almost reversed.

The reversal signals a continuation of the wave c.

A break above $15.11-3/4 may lead to a gain into $15.24-1/4 to $15.47 range. On the daily chart, the support at $15.04-1/4 failed to hold.

The contract may seek the next support around $14.19-1/2.

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