SINGAPORE: The CBOT soybean May contract may retest a support at $15.10-3/4 per bushel, a break below which could open the way towards $15.02-1/2. The bounce triggered by the support might have been driven by a wave b, the second wave of a three-wave cycle from $15.38-1/2.

This wave seems to have completed, as suggested by the quick drop from the Wednesday-high of $15.33-3/4.

The wave c is unfolding towards $15.10-3/4.

The current speculation is the wave c may extend towards $15.02-1/2, if it is capable of travelling to $15.10-3/4.

A break above $15.21-1/2 could lead to a gain to $15.27-3/4.

On the daily chart, a pullback towards a rising trendline is over.

Wheat futures drop on Black Sea deal hopes, soybeans down

The shooting star on Wednesday indicates a further drop on Thursday.

A break below $15.09-1/2 will be a perfect signal to confirm the continuation of the downtrend towards the $14.64-3/4 to $14.84-3/4 range.