By Jim Wyckoff

  OF DOW JONES NEWSWIRES


  MAY SOYBEANS
 May soybeans on Thursday closed lower and nearer the session low. The key
outside markets were decidedly bearish for soybeans Thursday - lower crude oil
prices, a stronger U.S. dollar and solid losses 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 $8.60 and
then at $8.70. First support is seen at Thursday's low of $8.43 and then at
$8.38 1/4.

  $16.44 1/2 - the contract high

   $8.66 1/4 - 10-day moving average

   $9.12 1/2 - 20-day moving average

   $9.53 3/4 - 40-day moving average

   $7.86 1/2 - the contract low


  MAY SOYBEAN MEAL
 May soybean meal on Thursday closed lower and nearer the session low. 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 $265.00 and then at Thursday's high of $269.00. First
support is seen at last week's low of $258.30 and then at $255.00.

  $433.60 - contract high

  $267.00 - 10-day moving average

  $282.00 - 20-day moving average

  $294.70 - 40-day moving average

  $237.00 - the contract low


  MAY SOYBEAN OIL
 May soybean oil on Thursday closed lower and nearer the session low. 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 31.00 cents and then at Thursday's high of 31.50 cents. First support is
seen at Thursday's low of 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

  31.92 - 20-day moving average

  33.05 - 40-day moving average

  28.89 - the contract low