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Monday, January 30, 2023

CBOT soybeans may retest support at $14.80

SINGAPORE: The CBOT soybean March contract may edge up to $14.82-3/4 per bushel, before turning around and resuming its downtrend towards $14.59.

Supposing the current bounce is of the same degree to the wave b, a falling channel marks a target of $14.82-3/4, the maximum high this bounce could extend to.

A break above $14.82-3/4 could lead to a gain into $14.88-1/4 to $14.95-1/4 range, while a break below $14.70 could signal a continuation of the downtrend towards $14.59.

On the daily chart, the contract is managing to stabilize around a support zone of $14.67-3/4 to $14.75-1/2. A rising trendline passed through the zone, providing further support. It may at least consolidate above the zone for a few days.

CBOT corn may bounce more into $6.57-1/2 to $6.61 range

CBOT soybeans may retest support at .80

Source: Brecorder

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