SINGAPORE: CBOT soybean November contract may retest a support at $13.15 per bushel, with a good chance of breaking below this level and falling towards a range of $12.94-3/4 to $13.06-1/4.

The downtrend from the July 19 high of $14.18 consists of three waves. It is riding on a wave c from $13.80-3/4, which is expected to travel to $12.94-3/4, as it has extended deeply below $13.27-1/2.

The current bounce triggered by the support at $13.06-1/4 may end around $13.27-1/2.

A further gain, however, may make the target of $12.94-3/4 doubtful.

Soybeans extend run to 6-year high; South American weather in focus

On the daily chart, a downward wave C has been confirmed, following the break below a support at $13.33-1/2. This wave could travel into a range of $11.87-1/4 to $12.43-1/4.

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