A break above $15.57-1/4 could lead to a gain into $15.78-1/4 to $15.99-1/4 range. On the daily chart, the uptrend remains intact, as an upward wave (5) is yet to unfold.
This could be a bullish continuation pattern or a top pattern, depending on the subsequent break above the upper trendline or below the lower trendline.
Analysts expect the USDA's March 31 planting intentions report to show an expansion in US plantings of corn and soybeans compared to last year, while March 1 soybean stocks are expected to be down 32% from a year earlier.