By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Wednesday closed slightly lower and near mid-range. The key
"outside markets" were mostly bearish for beans Wednesday, as the U.S. dollar
was firmer and crude oil prices were lower. Selling interest was limited
Wednesday by the lingering effects of Tuesday's bullish USDA planting
intentions report. Bean bulls still need to show more power soon to suggest
prices can continue to trend higher. 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 this
week's low of $8.97 a bushel. First resistance for May soybeans is seen at
Wednesday's high of $9.59 3/4 and then at $9.71. First support is seen at
Wednesday's low of $9.43 and then at $9.30.

$16.44 1/2 --- the contract high
$9.43 1/2 --- 10-day moving average
$9.12 3/4 --- 20-day moving average
$9.15 1/4 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Wednesday closed weaker and near mid-range. Bulls and
bears are on a level near-term technical playing field. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at the March high of $308.80. The next downside price objective for the bears
is pushing and closing prices below solid technical support at this week's low
of $277.70. First resistance comes in at Wednesday's high of $298.30 and then
at $300.00. First support is seen at Wednesday's low of $291.80 and then at
$290.00.

$433.60 --- contract high
$293.90 --- 10-day moving average
$284.40 --- 20-day moving average
$284.10 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Wednesday closed weaker and near mid-range in quieter
trading. The key "outside markets" were mostly bearish for bean oil Wednesday,
as the U.S. dollar was firmer and crude oil prices were lower. Bean oil bears
still have the overall 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 this week's low of 31.76 cents. First resistance is seen
at last week's high of 33.80 cents and then at 34.00 cents. First support is
seen at Wednesday's low of 33.17 cents and then at 33.00 cents.

70.23 --- the contract high
32.91 --- 10-day moving average
31.80 --- 20-day moving average
31.91 --- 40-day moving average
28.89 --- the contract low