SINGAPORE: The CBOT soybean November contract may test a support at $12.77-1/2 per bushel, with a good chance of breaking below this level and falling into $12.64-3/4 to $12.71 range.

The bounce from the Sept. 21 low of $12.57-1/2 may have ended, after the contract failed to break a resistance at $12.92-1/4.

An extension of the bounce may be limited to this resistance, as indicated by a falling trendline.

A break above the resistance could lead to a gain into $12.98-1/2 to $13.05 range.

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