By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Monday closed lower and nearer the session low and hit a
fresh two-week low. Strongly bearish "outside markets" - sharply lower crude
oil prices, sharp losses in the U.S. stock market and a stronger U.S. dollar -
worked to pressure soybeans Monday. Traders are awaiting Tuesday morning's USDA
planting intentions and quarterly grain stocks report. Bean traders are
expecting a bearish report. The next upside price objective for the bean bulls
is to push and close prices back above solid technical resistance at last
week's high of $9.81 1/4 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 $9.24 and then at $9.40. First support is seen at Monday's low
of $8.97 and then at $8.80.

$16.44 1/2 --- the contract high
$9.36 
--- 10-day moving average
$9.03 3/4 --- 20-day moving average
$9.15 1/2 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Monday closed lower and nearer the session low and hit a
fresh two-week low. Bears have fresh downside near-term technical momentum. 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 $270.00.
First resistance comes in at Monday's high of $285.50 and then at $290.00.
First support is seen at Monday's low of $277.70 and then at $275.00.

$433.60 --- contract high
$292.40 --- 10-day moving average
$281.50 --- 20-day moving average
$284.50 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Monday closed lower and nearer the session low. Bulls are
fading again. Strongly bearish "outside markets"--sharply lower crude oil
prices, sharp losses in the U.S. stock market and a stronger U.S.
dollar--worked to pressure bean oil Monday. Bean oil bears 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 33.80 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 32.50 cents and then at Monday's high of 32.82 cents.
First support is seen at Monday's low of 31.76 cents and then at 31.50 cents.

70.23 --- the contract high
32.42 --- 10-day moving average
31.52 --- 20-day moving average
31.83 --- 40-day moving average
28.89 --- the contract low