Soybean To Average USc1,150/bushel In 2012

We hold a moderately bearish view on soybean in the short and medium term because of sufficient supply on global market. We do not expect soybean prices to collapse to historically low levels, although with a weak technical pattern and generally poor external market sentiment a break of multi-year trendline support at around USc1,090/bushel would turn us more bearish.

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