By Jim Wyckoff

  DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Monday closed solidly higher and near the session high, hit a
fresh four-week high, scored a bullish "outside day" up on the daily bar chart
and also produced a bullish upside "breakout" from a sideways trading range.
Bulls did gain fresh upside near-term technical momentum, but will have to soon
show follow-through buying strength to keep it. The key outside markets were
bullish for soybeans Monday - firmer crude oil prices, a weaker U.S. dollar and
a stronger U.S. stock market. The next upside price objective for the bean
bulls is to push and close prices back above solid technical resistance at
$9.40 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 Monday's high of $9.18 and
then at $9.25. First support is seen at $9.00 and then at $8.90.

$16.44 1/2 --- the contract high
$8.71 1/2 --- 10-day moving average
$8.74 

 20-day moving average
$9.32 3/4 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Monday closed higher and near the session high and hit a
fresh four-week high. Bulls have gained solid upside near-term technical
momentum recently. Prices are in a two-week-old uptrend on the daily bar chart.
The next upside price objective for the bulls is to produce a close above solid
technical resistance at $300.00. The next downside price objective for the
bears is pushing and closing prices below solid technical support at Monday's
low of $272.50. First resistance comes in at Monday's high of $290.00 and then
at $295.00. First support is seen at $285.00 and then at $280.00.

$433.60 --- contract high
$270.60 --- 10-day moving average
$270.60 --- 20-day moving average
$289.80 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Monday closed firmer and nearer the session high and
scored a mildly bullish "outside day" up on the daily bar chart. Given the
bullish outside markets Monday, the tepid rally in bean oil was disappointing
to the bulls. 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 32.00 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 Monday's high of 31.19 cents and then at 31.50 cents.
First support is seen 30.50 cents and then at 30.00 cents.

70.23 --- the contract high
30.62--- 10-day moving average
30.84 --- 20-day moving average
32.17 --- 40-day moving average
28.89 --- the contract low