SINGAPORE: The CBOT soybean March contract may test a support at $15.60-3/4 per bushel, with a good chance of breaking below this level and falling towards $15.42.

The contract failed to break a key resistance at $15.91-1/4, around which a top may have formed. Over the next few days, the contract is expected to slide more.

The depth of the fall remains unclear.

However, a narrow range of $15.31-$15.42 looks like an easy target.

A break above $15.91-1/4 could lead to a gain into $16.02-3/4 to $16.21-3/4 range.

On the daily chart, the gap forming between Feb. 4 and Feb. 7 looks like an exhaustion type, which generally appears at the end of a rally.

Soybeans climb to eight-month high on S.American supply worries

This gap could be filled on Tuesday or Wednesday.

A rising channel suggests a target range of $15.23-$15.42 as well.

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