SINGAPORE: The CBOT soybean May contract may drop into $14.54-3/4 to $14.61-3/4 range, following the completion of a five-wave cycle. The cycle started at $14.23-1/4.

The wave 4 ended around $14.61-3/4, which serves as a target.

Even though the contract climbed above a falling channel, the break above the upper channel line has not been confirmed.

CBOT soybeans may rise into $14.40-1/2 to $14.47 range

A break above $14.78-3/4 could lead to a gain into $14.85 to $14.89-1/4 range.