By Jim Wyckoff

  OF DOW JONES NEWSWIRES


  MAY SOYBEANS
 May soybeans on Thursday closed higher and near the session high on short
covering and bargain-hunting buying. A bullish weekly USDA export sales report
also boosted the bulls Thursday. The key outside markets were also mostly
bullish for soybeans Thursday - sharply higher crude oil prices and a stronger
U.S. stock market. 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 the March low of $8.38 1/4 a bushel. First resistance for
May soybeans is seen at Thursday's high of $8.84 and then at this week's high
of $8.95. First support is seen at $8.75 and then at Thursday's low of $8.59
1/4.

  $16.44 1/2 - the contract high

   $8.64 1/4 - 10-day moving average
    $8.81     - 20-day moving average

   $9.37 3/4 - 40-day moving average

   $7.86 1/2 - the contract low


  MAY SOYBEAN MEAL
 May soybean meal on Thursday closed firmer and near the session high and hit a
fresh three-week high. Bulls are regaining upside near-term technical momentum.
Meal bears do still have the slight overall near-term technical advantage.
Prices are still in a six-week-old downtrend on the daily bar chart. The next
upside price objective for the bulls is to produce a close above solid
technical resistance at $280.00. The next downside price objective for the
bears is pushing and closing prices below solid technical support at this
week's low of $264.40. First resistance comes in at Thursday's high of $276.40
and then at $278.00. First support is seen at $273.00 and then at $270.00.

  $433.60 - contract high

  $267.20 - 10-day moving average

  $272.20 - 20-day moving average

  $290.80 - 40-day moving average

  $237.00 - the contract low


  MAY SOYBEAN OIL
 May soybean oil on Thursday closed firmer and near the session high on tepid
short covering in a bear market. Bean oil bears still have the solid near-term
technical advantage. The next upside price objective for the bean oil bulls is
pushing and closing prices above solid technical resistance at this week's high
of 32.00 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 30.50 cents and then at 31.00 cents.
First support is seen 30.00 cents and then at this week's low of 29.70 cents.

  70.23 - the contract high

  30.66 - 10-day moving average

  31.11 - 20-day moving average

  32.38 - 40-day moving average

  28.89 - the contract low