SINGAPORE: The CBOT soybean November contract may test a support at $13.27-1/4 per bushel, a break below which could cause a fall to $13.14-1/4 to $13.20 range.

The roller-coaster move on Thursday could be due to the last effort of bulls to complete a bounce from $13.08-3/4. The bounce might have been driven by a wave (b), which will be reversed by a downward wave (c).

A break above $13.38-3/4 may lead to a gain to $13.48. A further rise could signal the extension of the uptrend towards $13.68-3/4 to $13.87-1/2 range.

US slashes corn, soyabean, wheat harvest forecasts

On the daily chart, the strong fluctuation on Thursday was confined within a range of $13.26-1/2 to $13.61-1/4.

The downtrend from $14.18 still looks steady within a falling channel.

Both a projection analysis and the channel suggests a target around $12.69-3/4. Only a break above $13.61-3/4 could signal the continuation of the uptrend from the June 17 low of $12.40-1/2.

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