By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Wednesday closed higher and nearer the session high on more
short covering in a bear market. The key outside markets were friendly for
soybeans Wednesday - solidly higher crude oil prices, a weaker U.S. dollar and
a rebound in the U.S. stock market. Soybean bears still have the near-term
technical advantage. Prices are in a two-month-old downtrend on the daily bar
chart. The next upside price objective for the bean bulls is to push and close
prices back above psychological resistance at $9.00 a bushel. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at this week's low of $8.38 1/4 a bushel. First resistance
for May soybeans is seen at Wednesday's high of $8.78 3/4 and then at $8.91.
First support is seen at $8.60 and then at $8.50.

$16.44 1/2 --- the contract high
$8.69 1/2 --- 10-day moving average
$9.17 1/2 --- 20-day moving average
$9.58 1/4 --- 40-day moving average
$7.86 1/2 
 the contract low

MAY SOYBEAN MEAL


  May soybean meal on Wednesday closed firmer and near mid-range on more short
covering in a bear market. Meal bears still have the near-term technical
advantage. The next upside price objective for the bulls is to produce a close
above solid technical resistance at last week's high of $277.30. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $250.00. First resistance comes in at $270.00 and
then at Wednesday's high of $273.00. First support is seen at $265.00 and then
at Wednesday's low of $262.40.

$433.60 --- contract high
$268.30 --- 10-day moving average
$283.80 --- 20-day moving average
$295.80 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Wednesday closed firmer and nearer the session high. Short
covering in a bear market was featured. Bean oil bears 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 last week's high
of 32.57 cents. Bean oil bears' next downside technical price objective is
pushing and closing prices below solid technical support at the contract low of
28.89 cents. First resistance is seen at this week's high of 31.36 cents and
then at 32.00 cents. First support is seen at 30.50 cents and then at this
week's low of 30.10 cents.

70.23 --- the contract high
30.97 --- 10-day moving average
32.02 --- 20-day moving average
33.22 --- 40-day moving average
28.89 --- the contract low