SINGAPORE: The CBOT soybean November contract may retest a support at $13.65 per bushel, with a good chance of breaking below this level and falling towards $13.50-3/4.
The support triggered a bounce again, which looks much weaker than the first one from the Oct. 3 low of $13.61-1/4.
These bounces may make up a bearish triangle or wedge, which will be followed by another round of deep fall.
A break above $13.76-3/4 may lead to a gain limited to $13.88-1/4.
On the daily chart, a projection analysis reveals a similar support of $13.60-3/4, which temporarily holds, as the wave (C) is expected to travel to $13.25-3/4 or $12.13.
China Aug soybean imports plunge 25% on year
It is hard to predict the timing of a break below $13.60-3/4.
Most likely the break could occur by the end of this week.
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