TECHNICALS-CBOT July soybeans may retest resistance at $11.94-1/4

ReutersApr 28, 2026 6:21 AM

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SINGAPORE, April 28 (Reuters) - The CBOT July soybeans SN26 may retest a resistance at $11.94-1/4 per bushel, as it has stabilised around a support at $11.86-1/4.

The contract not only maintained above a rising trendline, but also briefly travelled above a resistance at $11.94-1/4, the 76.4% retracement of the downtrend from $12.01-1/4.

The strong rise from $11.71-1/4 suggests a continuation of the uptrend from $11.56-3/4, which could eventually extend above $12.01-1/4.

Support is at $11.82-3/4, a break below which may be followed by a deep drop into $11.71-1/4 to $11.78-1/4 range.

On the daily chart, the market appears to be consolidating within an expanding wedge.

The strong gain on Monday indicates a further rise on Tuesday, probably toward $12.06-3/4.

Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own.

No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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