MAY SOYBEANS -- combined pit and electronic trading

May CBOT soybeans rebounded higher Thursday, shrugging off Wednesday's bearish reversal. Action has been volatile the past several sessions, but the technical trends remain bullish. For now, the $14.96 zone is an important resistance ceiling for the market.

Overall, the market did break out to the upside from a bullish continuation triangle formation this week. As long as a weekly close is seen above $14.60, the March 7 daily high, the bulls will remain in control. The triangle targets multiday to multiweek gains to the $15.50 area.

On the downside, next support under $14.60 lies at $14.50 1/2.

$14.96 -- the contract high 
$14.46 -- the 10-day moving average 
$14.29 3/4   -- the 20-day moving average 
$13.96 3/4 -- the 40-day moving average 
$11.29 -- the contract low 
 
MAY SOYBEAN MEAL -- combined pit and electronic trading.

May CBOT soymeal pushed higher Thursday, but formed a consolidative inside day. The trend remains bullish, but the $486 ceiling is resistance for the bulls. Beyond there, 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, supports lie at $465.20 and then $461.00.

$486.00 -- the contract high 
$470.80 -- the 10-day moving average 
$461.50 -- the 20-day moving average 
$452.20 -- the 40-day moving average 
$303.00 -- the contract low 
 
MAY SOYBEAN OIL -- combined pit and electronic trading.

May CBOT soybean oil reversed higher Thursday. Heightened volatility and wide bar days have been seen in recent sessions. The increased volatility could suggest a minor bottom is forming at the 39.85 low. While the sell-off on March 31 did pierce a 61.8% Fibonacci retracement of the February-March rally, around 40.16, it did not close below it.

The primary longer-term trend is bearish. The near term trend has been down as well, but could have found at least a short term bottom at the 39.85 area.

Strong resistance lies at 42.35.

57.43 -- the contract high 
40.86 -- the 10-day moving average 
41.84 -- the 20-day moving average 
41.37 - - the 40-day moving average 
37.14 -- the contract low