SINGAPORE: CBOT soybean November contract may revisit its July 26 low of $13.32 per bushel, as suggested by its wave pattern.

The deep fall on July 30 looks like more a resumption of the downtrend from $14.18 than an extension of the correction from the July 27 high of $13.87-1/2.

Driven by a wave C, the trend may develop into a wide range of $12.94-3/4 to $13.27-1/2.

In the meantime, the fall has been well controlled by a set of retracements on the uptrend from $13.32 to $14.18.

Soybeans extend run to 6-year high; South American weather in focus

On the daily chart, the contract may retest a support at $13.33-1/2, a break below which could open the way towards $12.88-1/2.

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