May CBOT soybeans moved sharply higher Monday, as the contract confirmed a bullish breakout from a triangle on the daily chart. Soybeans garnered support from a U.S. Department of Agriculture report that revealed strong demand from foreign buyers for U.S. oilseeds. Robust exports of U.S. soybeans to buyers in China, Mexico, Turkey and Indonesia have been seen.

Technically, the action is bullish. Triangles are a continuation pattern, which implies a resumption of the uptrend move seen during February and early March. However, a second consecutive close would be needed above the triangle trendline on Tuesday for confirmation, which comes in around $14.53. Declines back under that zone would be a bearish signal and would suggest a bull trap.

As long as the market "confirms" the bullish triangle, with a second consecutive close above $14.53 on Tuesday, the formation projects gains to sharply higher levels in the days ahead. A measured move from the triangle targets gains to the $15.50 zone in the days and weeks ahead.

On the downside, a breakdown back under the $14.53 zone would be bearish and would open the door for a retreat back toward $14.23 initially, but additional declines could be seen back under the $14.00 zone.

Bottom line? The $14.53 zone needs to hold to keep the bullish breakout intact.

$14.66 1/4 -- the contract high 
   $14.31 3/4 -- the 10-day moving average 
   $14.22 1/2 -- the 20-day moving average 
   $13.83 1/4 -- the 40-day moving average 
   $11.29     -- the contract low 
 
MAY SOYBEAN MEAL -- combined pit and electronic trading

May CBOT soymeal surged to a new contract high Monday. The primary trend is bullish and the next upside objective comes in at $483.00, a weekly continuation chart high. Supports now lie at $475.30, $472.90 and $471.80, recent spike highs on the daily chart. Declines back under those old highs would be a weak signal.

$479.80 -- the contract high 
   $465.00 -- the 10-day moving average 
   $455.80 -- the 20-day moving average 
   $446.30 -- the 40-day moving average 
   $303.00 -- the contract low 
 
MAY SOYBEAN OIL -- combined pit and electronic trading

May CBOT soybean oil closed lower Monday, but in the midportion of the day's range. The near-term trend outlook remains weak. However, Monday's action saw the market test important Fibonacci retracement support at 40.13, which is 62.8% of the early-February/early-March rally move, on an intraday basis. The market broke it, but then rebounded to a close above that area. Watch the 40.13-39.85-cent zone closely in the near term. Sustained declines under that support would open the door for a 100% retracement of the recent rally with a bearish target at the January low at 37.14 cents.

Initial resistance lies at 41.10 cents. A recovery above that ceiling would be an encouraging sign.

57.43 -- the contract high 
   41.03 -- the 10-day moving average 
   42.22 -- the 20-day moving average 
   41.13 -- the 40-day moving average 
   37.14 -- the contract low