SINGAPORE: The CBOT soybean May contract may test a support at $14.01-1/2 per bushel, a break below could cause a fall to $13.91-1/2.

The contract observes closely a set of projection levels on the uptrend from $13.36-3/4. After breaking below $14.20-1/2, it is falling towards $14.04-1/2.

The current fall looks like more a continuation of the downtrend from the March 8 high of $14.60 than a resumption of the uptrend.

A break above $14.20-1/2 could lead to a gain to $14.31-1/2.

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