By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Tuesday closed higher and near the session high and closed at
a fresh six-week high close. Bearish "outside markets" Tuesday - weaker crude
oil prices, a weaker U.S. stock market and a firmer U.S. dollar - did cap gains
in beans. Soybean bulls still have upside near-term technical momentum. Prices
are in a steep three-week-old uptrend on the daily bar chart. The next upside
price objective for the bean bulls is to push and close prices back above major
psychological resistance at $10.00 a bushel. The next downside price objective
for the bears is pushing and closing prices below solid technical support at
$9.20 a bushel. First resistance for May soybeans is seen at Tuesday's high of
$9.70 3/4 and then at this week's high of $9.81 1/4. First support is seen at
$9.50 and then at $9.40.

$16.44 1/2 --- the contract high
$9.17 1/2--- 10-day moving average
$8.91 1/4 --- 20-day moving average
$9.21 
--- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Tuesday closed higher and near the session high and
closed at a fresh six-week high close. The bulls still have upside near-term
technical momentum. Prices are still in a steep four-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 this week's high of $308.80. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $284.00. First resistance comes in at $305.00 and
then at $308.80. First support is seen at $300.00 and then at $297.00.

$433.60 --- contract high
$288.50 --- 10-day moving average
$277.10 --- 20-day moving average
$286.60 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Tuesday closed firmer and nearer the session high and hit
another fresh six-week high. Bulls are regaining some upside near-term
technical momentum. Bearish "outside markets" Tuesday--weaker crude oil prices,
a weaker U.S. stock market and a firmer U.S. dollar--did limit the upside in
bean oil. 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 the February high of 35.09 cents. Bean oil
bears' next downside technical price objective is pushing and closing prices
below solid technical support at 31.00 cents. First resistance is seen at this
week's high of 33.45 cents and then at 34.00 cents. First support is seen at
33.00 cents and then at Tuesday's low of 32.69 cents.

70.23 --- the contract high
31.41--- 10-day moving average
31.23 --- 20-day moving average
31.86 --- 40-day moving average
28.89 --- the contract low