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SINGAPORE: The CBOT soybean January contract may retrace to $14.72-1/4, as it failed again to break a resistance at $14.86-1/2 per bushel.
The repeated failures suggest the formation of a flat pattern developing from the Dec. 12 low of $14.57-3/4.
It is a bearish continuation pattern, to be followed by a drop towards $14.59-3/4.
CBOT soybeans may rise into $14.93-3/4 to $15.01-1/2 range
A break above $14.86-1/2 may lead to a gain into $14.92-3/4 to $15.01-1/2 range.