SINGAPORE: The CBOT soybean March contract may extend its gains to $15.09 per bushel, as suggested by its wave pattern. The contract could be riding on a wave c, the third wave of an irregular flat from the Jan. 23 low of $14.79-3/4.

Five smaller waves make up the wave c. The wave 5 is unfolding towards the $15.09.

A further gain could confirm the extension of the wave c towards $15.15-1/4 to $15.21-3/4 range.

Support is at $14.98-3/4, a break below which could be followed by a drop into $14.88-1/2 to $14.91-3/4 range.

CBOT soybeans may test resistance at $14.96-1/2

On the daily chart, the contract managed to hover above a rising trendline. It may either consolidate above the line for a few days or resume its uptrend.

It could be too aggressive to target $15.30-1/2 to $15.35 range.

However, a break above $15.07-3/4 would make this target zone available.