SINGAPORE: The CBOT soybean January contract remains neutral in a range of $12.41-1/4 to $12.58 per bushel, but the bias grows stronger towards the downside.

The range is formed by the 23.6% and the 50% projection levels of an upward wave c which may have ended around $12.65-14.

After briefly piercing above $12.65-1/4, the contract has never been able to approach this level again.

The consolidation is taking the shape of a triangle, which is unlikely to turn into a bullish continuation pattern, in consideration that the contract failed a few times to break a falling trendline.

On the daily chart, the rise from $11.96 could be regarded as a pullback towards the June 17 low of $12.45.

A falling channel suggests a steady downtrend which may resume, driven by a wave v.

The market could be short of one final drop to complete the downtrend.

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