Thursday, September 30, 2010

CBOT soybeans to rebound to $11.20 per bushel

SINGAPORE, Sept 30 (Reuters) - CBOT soybean November futures could rise to $11.20 per bushel after completing a retracement that started from the Monday high at $11.44. 

The correction has penetrated into a strong support range between $10.72-½   and $10.89-1/4- the 50 percent and 38.2 percent Fibonacci retracement levels on the rise from $10.00-¾    to $11.44.

Soybeans are expected to eventually recover the fall by returning to $11.44. But before that, a rebound to $11.20 will be seen on Thursday.
A fall below the previous session low at $10.83-½   would be limited to $10.72-1/2.

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