March CBOT soybeans closed slightly lower Thursday, but ended in the lower third of the daily range. The action etched a bearish shooting-star formation on the daily candlestick chart and opens the door to a little more downside probing in early Friday.

Soybeans came under pressure on Thursday, amid speculation that farmers may be selling stored supplies in the wake of the recent price gains.

Prior to Thursday's decline, March soybeans had closed higher for five sessions in a row. Additional weakness could be seen Friday as traders book profits and square positions ahead of the weekend. A little backing and filling is possible following the recent strong gains. Support lies at $13.03-$12.99 1/4.

Overall, the recent advance propelled March soybeans back to levels seen during December. Resistance lies at Thursday's high at $13.30 1/2 and then $13.39 1/4, the Dec. 23 high and top of the December range.

$13.99 3/4 -- the contract high 
   $12.87 3/4 -- the 10-day moving average 
   $12.98 3/4 -- the 20-day moving average 
   $13.03 1/2 -- the 40-day moving average 
   $11.27 1/2 -- the contract low 
 
MARCH SOYBEAN MEAL -- combined pit and electronic trading

March CBOT soymeal rallied early Thursday and nearly matched the contract high but then reversed to a lower close. The action also formed a bearish shooting-star candlestick and suggests the bears have the edge on Friday. Thursday's selling confirms the $440.40 zone as strong nearby resistance and has the potential to form a "double top." The market is vulnerable to a downside correction Friday. Initial support lies at $428.10 and then $419.60.

$440.40 -- the contract high 
   $419.60 -- the 10-day moving average 
   $422.50 -- the 20-day moving average 
   $420.70 -- the 40-day moving average 
   $303.00 -- the contract low 
 
MARCH SOYBEAN OIL -- combined pit and electronic trading

March CBOT soybean oil closed slightly higher Thursday. The contract has been coiling in a narrow range since Jan. 9. The longer-term trend is bearish, but a minor low formed on Jan. 8 at the contract low and major support at 37.42 cents. Resistance is seen at 38.30 cents. A sustained breakout above resistance or below support is needed to signal the next directional move.

57.43 -- the contract high 
   38.02 -- the 10-day moving average 
   38.67 -- the 20-day moving average 
   39.73 -- the 40-day moving average 
   37.42 -- the contract low