By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Tuesday closed slightly higher and near mid-range and did hit
another fresh four-week high. Bulls still have upside near-term technical
momentum. Prices are in a three-week-old uptrend on the daily bar chart. The
key outside markets were mostly bullish for soybeans Tuesday - higher crude oil
prices and a firmer 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 Tuesday's high of $9.21
3/4 and then at $9.30. First support is seen at Tuesday's low of $9.02 3/4 and
then at $9.00.

$16.44 1/2 -  the contract high
$8.77 1/2  -  10-day moving average
$8.74 1/2  -  20-day moving average
$9.29 3/4  -  40-day moving average
$7.86 1/2  -  the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Tuesday closed weaker and nearer the session low after
hitting a fresh four-week high early on. Bulls still have some upside near-term
technical momentum. Prices are in a three-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
this week's low of $272.50. First resistance comes in at $288.00 and then at
Tuesday's high of $291.00. First support is seen at Tuesday's low of $284.40
and then at $280.00.

$433.60  - contract high
$272.70  - 10-day moving average
$270.90  - 20-day moving average
$289.00  - 40-day moving average
$237.00  - the contract low


  MAY SOYBEAN OIL


  May soybean oil Tuesday closed firmer and near the session high on more short
covering in a bear market. 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 Tuesday's high of 31.39 cents and then at last week's
high of 32.00 cents. First support is seen 31.00 cents and then at Tuesday's
low of 30.74 cents.

70.23 - the contract high
30.71 - 10-day moving average
30.83 - 20-day moving average
32.08 - 40-day moving average
28.89 - the contract low