SINGAPORE:After a five-wave cycle has ended, the CBOT soybean futures May contract may fall into the $14.54-3/4 to $14.61-3/4 range. At $14.23-1/4, the cycle began.
The wave 4 finished around $14.61-3/4, which fills in as an objective.
The break above the upper channel line has not been confirmed, despite the contract ascending above a falling channel.
While the Buenos Aires grains exchange warned of the possibility of further reductions in soybean futures production as the crop continued to be battered by high temperatures.
While Analysts anticipate plantings of 90.88 million acres of corn and 88.24 million acres of soybeans in the United States in 2023, up 2.6% and 0.9% from the previous year,
The exchange maintained its 2022/2023 production projection of 25 million tonnes. Soy exports in Brazil were estimated at 15.197 million tonnes in March by the trade group Anec,
which is ower than the previous week’s projection of 15.388 million tonnes. Other data indicated that soybean imports from the European Union in 2022/
Soybeans traded on the CBOT could reach $14.40-1/2 to $14.47. A break above $14.78-3/4 could propel them into the $14.85 to $14.89-1/4 range.