SINGAPORE: The CBOT soybean January contract is expected to test a resistance at $12.69-1/4 per bushel, with a good chance of breaking above this level and rising towards $12.77-3/4.

The contract is riding on a wave 3 that is travelling towards the range of $12.69-1/4 to $12.77-3/4, formed by its 338.2% and 361.8% projection levels.

Support is at $12.61, a break below which may cause a fall into $12.51-$12.56 range.

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