SINGAPORE: The CBOT soybean January contract may retest a resistance of $14.86 per bushel, a break above which could open the way towards the $14.90-3/4 to $14.97-1/4 range.

The contract approached a resistance at $14.86 again. Even though it failed twice to overcome this barrier, its persistence signals an extension of the uptrend from $14.25-1/4.

Key support is at $14.68, a break below which could indicate a continuation of the downtrend from the Dec. 9 high of $14.92-3/4.

Immediate support is at $14.73-1/2, a break below which could be followed by a further drop to $14.68.

Soybeans ease after rally, strong demand limits decline

On the daily chart, signals are a bit mixed as the contract is consolidating within a neutral range of $14.69-3/4 to $14.95-1/4.

The consolidation was triggered by a strong resistance at $14.95-1/4, the 61.8% projection level of a wave C which could either end around this level or extend a lot to $15.77-1/2.

An escape from the range would suggest a direction.