TECHNICALS-CBOT July soybeans may rise into $12.31-1/2 to $12.36-1/2 range

ReutersMay 5, 2026 6:13 AM

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SINGAPORE, May 5 (Reuters) - The CBOT July soybeans SN26 may break a resistance at $12.26-1/2 per bushel and rise into the $12.31-1/2 to $12.36-1/2 range.

A wave C from $11.68 has travelled close to its 138.2% projection level of $12.20-1/4. It is highly likely to extend to $12.36-1/2.

Support is at $12.20-1/4, a break below which may trigger a fall into the $12.10-1/4 to $12.16-1/2 range.

On the daily chart, a retracement analysis on the uptrend from $10.64-3/4 reveals a target zone of $12.37-3/4 to $12.50-3/4, as the market is about to break $12.23-3/4.

The current rise looks like a continuation of the uptrend from $10.64-3/4.

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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