May CBOT soybeans popped to a new contract high Wednesday, but then retreated to a settlement in the middle of the day's range. The closing position is weak, a stronger settlement would have been near the day's high.

USDA forecast tighter-than-expected domestic supplies of U.S. oilseeds, which supported the rally move. Soybean stockpiles will total 135 million bushels before this autumn's harvest, which is the smallest amount in 10 years, according to USDA's report.

Technically, all trends are bullish, but the settlement just under the April 2 daily high at $14.96 is a potential red flag warning signal. The bulls may be tiring. The $14.85 1/2 zone offers support. If that zone were to give way it would be a negative short-term signal. Next support lies at the $14.56-$14.62 area, congestive support from the daily chart.

Resistance lies at $5.12. The burden is on the bulls to rally the market through that ceiling to extend the current up wave. But, Wednesday's settlement suggests a period of consolidation may be needed before another bullish wave can unfold.

Last week, the market did post an upside breakout from a bullish continuation triangle formation on the daily chart, and that remains intact for now. The triangle targets multi-day to multi-week gains to the $15.50 area, and that target remains in play for now.

$15.12 -- the contract high

$14.67 1/4 -- the 10-day moving average

$14.41 3/4 -- the 20-day moving average

$14.13 1/4 -- the 40-day moving average

$11.29 -- the contract low

MAY SOYBEAN MEAL -- combined pit and electronic trading.

May CBOT soymeal rallied to a new contract high intraday, but then gave back the majority of the day's gains to close in the lower third of the daily range, a weak position. Technically, the action formed a bearish shooting star on the daily candlestick chart. The formation reveals hesitation on the part of the bulls and warns of a possible short-term top. Resistance now lies at $490.90, the contract high hit Wednesday. The bulls would need to take that ceiling out on a closing basis to erase the negative impact of the bearish shooting star.

Daily momentum studies are overbought, or near overbought levels. The market could be vulnerable to a period of consolidation or downside correction. Short-term support lies at $471.70, the April 4 daily low.

The primary bull trend remains intact. On the upside, a bullish target from the weekly continuation chart is seen at $496.20 and then $510. But, the market may need some consolidation before the bulls muster enough strength to attack the higher price targets.

$490.90 -- the contract high

$477.10 -- the 10-day moving average

$466.90 -- the 20-day moving average

$455.80 -- the 40-day moving average

$303.00 -- the contract low

MAY SOYBEAN OIL -- combined pit and electronic trading.

May CBOT soybean oil rocketed to a sharply higher close Wednesday. Daily momentum studies are pointing higher and will support additional upside gains near term. Major support lies well below the market at 39.85 cents, the low hit on March 31.

Wednesday's rally through 42.35 cents, the April 2 high, improves the near term outlook. Upside resistance lies at 43.72, with a major ceiling at 45.05, the March 7 high.

The March sell-off retraced just about 61.8% of the February-March rally. That Fibonacci retracement level came in around 40.16. The contract never closed under that area on the sell-off, which is a positive signal. The bulls may be gathering strength for a retest of the March 7 high at 45.05 cents.

57.43 -- the contract high

41.33 -- the 10-day moving average

41.47 -- the 20-day moving average

41.67 - - the 40-day moving average

37.14 -- the contract low