The zigzagging mode indicates either a temporary top around $6.06 or an early stage of a strong rally. The $6.06-1/2 level will be pivotal in evaluating the next direction.
With the contract having come so close to the March 30 low of $13.64-1/4, the pattern around $14.54-3/4 looks more and more like a double-top, which will suggest a target of $12.70 once confirmed.
Analysts expect the USDA's March 31 planting intentions report to show an expansion in US plantings of corn and soybeans compared to last year, while March 1 soybean stocks are expected to be down 32% from a year earlier.