SINGAPORE: The CBOT soybean May contract is biased to break a support at $16.65 a bushel and fall into the $16.22-1/2 to $16.43-1/2 range.

The consolidation keeps going in a neutral zone of $16.43-3/4 to $16.91-1/4. After several days of sideways move, the contract failed to climb above a rising trendline.

The failure suggests a downside bias.

A downward wave c from $17.34 may resume and travel towards $16.22-1/2.

A break above $16.91-1/4 could lead to a gain into the $17.07-1/2 to $17.34 range.

Soybeans rise on firm vegoils, Argentina crop concerns; corn steady

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