SINGAPORE: The CBOT soybean March contract may test a resistance at $16.71 per bushel, a break above could lead to a gain into $16.82-1/2 to $17.01-1/2 range.

The contract is riding on a powerful wave 3, the third and fiercest wave of a wave V-5 from Feb. 15 low of $15.42-1/4. The depth of the wave v-4 suggests a target around $17.20.

A realistic target could be $16.71. Support is at $16.40-1/4, a break below which could cause a fall into $16.10-3/4 to $16.27-1/4 range.

On the daily chart, a rising trendline points at a target zone of $17.31-3/4 to $17.50-3/4, which looks too far to be believable. However, market is always full of surprises.

CBOT soybeans may rise towards $14.38-1/2 to $14.46 range

As far as the March contract is concerned, the price is at its historical high.

On the monthly continuous chart, there is still a reference range of $16.77-1/4 to $17.94-3/4.

Wave pattern suggests the progress of a wave C, which could be strong enough to extend to $21.73-3/4, a really jaw-dropping target.

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