SINGAPORE: The CBOT soybean November contract may retreat moderately to a support at $13.59-1/2 per bushel before testing a resistance at $13.76-3/4.

The contract is riding on a wave (c) from $13.32, which is expected to travel into a range of $13.76-3/4 to $14.04-1/2.

However, the resistance established by a falling trendline temporarily stopped the rise.

The small gap forming on Tuesday may be covered. The wave (c) will resume thereafter.

A break below $13.59-1/2 will not only open the way towards $13.49, but also signal a resumption of the downtrend.

US MIDDAY: Soyabeans, corn and wheat jump

On the daily chart, the contract found a support at $13.33-1/2. It may bounce towards $13.89-1/2.

A triangle is contracting to a point. It looks like a top pattern.

Most likely, the uptrend from the April 27, 2020 low of $8.26-3/4 has reversed.

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