SINGAPORE: The CBOT soybean July contract may rise to $8.77-1/4 per bushel, as suggested by its wave pattern and a projection analysis.

An upward wave C from $8.28-1/2 has extended, as indicated by the rise on Wednesday.

The contract has finally cleared a key resistance at $8.71-1/4, the 100pc projection level of the wave C. Chances are it may gain more to $8.77-1/4.

A wedge suggests a higher target of $8.81-1/4.

The pattern will be confirmed when the contract stands firm above $8.74.

Support is at $8.68-1/4, a break below which could cause a fall into the $8.61 to $8.65-1/4 range.

On the daily chart, a target of $8.81-3/4 has been resumed, as the contract completed the second pullback towards $8.57-1/2, the 23.6pc retracement on the downtrend from $9.84-1/4 to $8.18-1/2.