MAY SOYBEANS -- combined pit and electronic trading

May CBOT soybeans surged sharply higher again on Tuesday, fueled by speculation that already low levels of U.S. oilseeds stockpiles may fall further amid signs of recent strong export demand.

Technically, Tuesday's rally confirms the bullish breakout from the daily triangle pattern. The bulls are in control of the trend. The triangle pattern, which formed from March 7-March 28, projects gains as high as the $15.50 level in the days and weeks ahead.

On the downside, old resistance at $14.60, the March 7 daily high, now becomes support. That floor needs to hold to keep the bullish outlook intact.

Daily momentum studies are positive and rising, however, the indicators have reached overbought levels. This is a warning signal that profit-taking may set in at some point. Hourly momentum is overbought and turning lower. Initial support on the hourly chart comes in at $14.75. The market is vulnerable to some "backing and filling" very short-term.

$14.91 1/2 -- the contract high

$14.38 3/4 -- the 10-day moving average

$14.25 3/4   -- the 20-day moving average

$13.88 1/4 -- the 40-day moving average

$11.29 -- the contract low

MAY SOYBEAN MEAL -- combined pit and electronic trading.

May CBOT soymeal soared to another new contract high Tuesday, and the market pierced a bullish target at $483.00, a weekly continuation chart high. All technical trends are bullish for May soymeal. The market is trading above all significant moving averages from the 10-day to the 200-day, which is a bullish position and tends to keep trend following traders positive on a market.

On the upside, the $490 level stands as a psychological target, along with the $500 zone. A longer term bullish objective is seen at $510, the December 2013 high, seen on the weekly continuation chart.

On the downside, old resistance points, now become support. Chart support floors are seen 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.

$485.70 -- the contract high

$468.00 -- the 10-day moving average

$457.60 -- the 20-day moving average

$448.10 -- the 40-day moving average

$303.00 -- the contract low

MAY SOYBEAN OIL -- combined pit and electronic trading.

After days of bearish action, May CBOT soybean oil surged sharply higher Tuesday. The action confirms the 39.85 low, hit on March 31 as important nearby support. The action is most likely part of a corrective rally following the steady and strong declines off the March 7 high. Additional near term strength is likely to be limited and ultimately should fade. A Fibonacci retracement drawn of the March 7 high to the March 31 low reveals 38.1% retracement resistance around 41.88 cents and 50% retracement resistance near the 42.45 zone. Either of those levels could stall additional rally strength.

The longer-term and major trend is bearish. The burden is on the bulls to rally through 43.06 cents, the 61.8% retracement of the March sell-off to improve the near term outlook.

57.43 -- the contract high

40.95 -- the 10-day moving average

42.11 -- the 20-day moving average

41.11 - - the 40-day moving average

37.14 -- the contract low