SINGAPORE: The CBOT soybean January contract may retest a support of $14.59-3/4 per bushel, a break below could open the way towards $14.49-3/4.

The current drop is considered as a part of the downtrend from $14.92-3/4.

Driven by a wave c, the trend may extend to $14.52.

A retracement analysis on the uptrend from $14.06-3/4 reveals a similar target of $14.49-3/4.

China’s November imports of soybean drop 14% on year

Resistance zone is from $14.69-1/2 to $14.72-1/4, a break above could lead to a gain to $14.80.