SINGAPORE: The CBOT soybean July contract may retest a resistance at $16.97 per bushel, with a good chance of breaking above this level and rising into $17.04-3/4 to $17.12-3/4 range.

The correction triggered by this barrier looks very shallow. It seems to have completed around a support at $16.86-1/4.

With the contract approaching $16.97 again, it is likely to break this level and rise towards $17.34.

A break below $16.86-1/4 could cause a fall to $16.75.

CBOT soybeans may fall into $16.27-1/4 to $16.37-3/4 range

On the daily chart, the contract is poised to break a similar resistance at $16.97-1/2.

A rise to $17.04 may confirm both a break and a target of $17.34.

Key support is at $16.58, a break below which may signal the extension of the downtrend from $17.34 towards $16.11.