By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Friday closed higher and nearer the session high. Soybean
bears still have the overall near-term technical advantage. Prices are still 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
last week's low of $8.38 1/4 a bushel. First resistance for May soybeans is
seen at Friday's high of $8.74 3/4 and then at $8.85. First support is seen at
Friday's low of $8.50 1/2 and then at $8.38 1/4.

$16.44 1/2 --- the contract high
$8.66 1/2 --- 10-day moving average
$9.06 1/2 --- 20-day moving average
$9.50 1/2 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Friday closed firmer and near mid-range. 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 $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 Friday's high
of $268.20 and then at last week's high of $273.00. First support is seen at
Friday's low of $260.70 and then at the February low of $258.30.

$433.60 --- contract high
$266.80 --- 10-day moving average
$280.00 --- 20-day moving average
$293.90 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Friday closed firmer and nearer the session high. 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 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 Friday's high of
31.33 cents and then at 31.50 cents. First support is seen at Friday's low of
30.60 cents and then at last week's low of 30.10 cents.

70.23 --- the contract high
31.02 --- 10-day moving average
31.80 --- 20-day moving average
32.91 --- 40-day moving average
28.89 --- the contract low