SINGAPORE: The CBOT soybean November contract may test a support at $12.64-3/4 per bushel, with a good chance of breaking below this level and falling to $12.54-1/4.

The bounce triggered by this support has completed, as confirmed by the deep fall from the Sept. 16 high of $13.08.

The downtrend from $14.18 may have resumed.

Resistance is at $12.77-1/2, a break above which could lead to a gain limited to $12.85-1/4.

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