The resistance is the 61.8 percent Fibonacci retracement on the fall from $12.83-3/4 to $11.04-1/2, and for three trading sessions, soybeans have been hovering below it.

That indicates a temporary top could have formed around $12.15-1/4, and a short-term downtrend is progressing.

A rise above $12.20 will signal the resumption of the preceding uptrend towards $12.41-1/2, the 76.4 percent retracement.

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