By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Wednesday closed lower and near the session low. Traders are
awaiting next Tuesday's USDA planting intentions and quarterly grain stocks
report. Soybean bulls still have some upside near-term technical momentum.
Prices are still in a steep three-week-old uptrend on the daily bar chart. The
next upside price objective for the bean bulls is to push and close prices back
above solid technical resistance at this week's high of $9.81 1/4 a bushel. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $9.20 a bushel. First resistance for May soybeans is
seen at $9.57 and then at Wednesday's high of $9.71. First support is seen at
Wednesday's low of $9.48 and then at $9.40.

$16.44 1/2 --- the contract high
$9.26 1/2--- 10-day moving average
$8.94 3/4 --- 20-day moving average
$9.20 1/4 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Wednesday closed lower and near the session low and
scored a bearish "outside day" down on the daily bar chart. Bulls still have
the near-term technical advantage. Prices are still in a four-week-old uptrend
on the daily bar chart. The next upside price objective for the bulls is to
produce a close above solid technical resistance at this week's high of
$308.80. The next downside price objective for the bears is pushing and closing
prices below solid technical support at $284.00. First resistance comes in at
$298.00 and then at $300.00. First support is seen at Wednesday's low of
$293.20 and then at $290.00.

$433.60 --- contract high
$291.00 --- 10-day moving average
$278.40 --- 20-day moving average
$286.30 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Wednesday closed firmer and nearer the session high and
hit another fresh six-week high. Prices also scored a mildly bullish "outside
day" up on the daily bar chart. Bulls are regaining some upside near-term
technical momentum. Bean oil bears do still have the near-term technical
advantage. The next upside price objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at the February high of
35.09 cents. Bean oil bears' next downside technical price objective is pushing
and closing prices below solid technical support at 31.00 cents. First
resistance is seen at Wednesday's high of 33.62 cents and then at 34.00 cents.
First support is seen at 33.00 cents and then at Wednesday's low of 32.52
cents.

70.23 --- the contract high
31.75 --- 10-day moving average
31.29 --- 20-day moving average
31.86 --- 40-day moving average
28.89 --- the contract low