May CBOT soybeans slipped to a lower close Monday, but the market remained within recent ranges. Looking ahead, traders are awaiting a U.S. Department of Agriculture report due out on Wednesday, in which the government probably will lower its outlook for U.S. soybean stockpiles, according to analysts surveyed by The Wall Street Journal. The USDA is expected to show that the U.S. will have 139.3 million bushels of soybeans in storage at the end of the marketing year on Aug. 31, according to the analysts. That is less than last month's USDA outlook for 145 million bushels of soybeans.

Technically, the May soybean contract is consolidating between resistance at $14.96 and support at $14.56. The primary trend is bullish, but the market has had difficulty sustaining gains above the $14.80 area in recent days. Momentum indicators, however, are either turning down or already have turned down from overbought levels, which could add pressure to the market in the short term.

There is a strong floor of support in the $14.60-$14.56 area near term, and that remains an important area to watch. Declines under that zone would be a short-term bearish signal.

Last week, the market posted an upside breakout from a bullish continuation triangle formation this week, and that breakout remains intact for now. The triangle targets multiday to multiweek gains to the $15.50 area. Support at $14.60-$14.56 needs to hold to keep the focus on higher prices.

$14.96     -- the contract high 
   $14.56 1/4 -- the 10-day moving average 
   $14.32 3/4 -- the 20-day moving average 
   $14.04 1/2 -- the 40-day moving average 
   $11.29     -- the contract low 
 
MAY SOYBEAN MEAL -- combined pit and electronic trading

May CBOT soymeal closed lower Monday but posted a consolidative "inside day" session, in which the market held within Friday's price range. The trend remains bullish, though the bulls have had trouble sustaining strength in recent days. The $486 ceiling remains resistance for the bulls. Watch initial support at $471.70. Declines under there would be a weak signal and would open the door to a test of support at $465.20, the March 31 low.

$486.00 -- the contract high 
   $474.40 -- the 10-day moving average 
   $463.00 -- the 20-day moving average 
   $453.20 -- the 40-day moving average 
   $303.00 -- the contract low 
 
MAY SOYBEAN OIL -- combined pit and electronic trading

May CBOT soybean oil slid to a lower close Monday but remains within recent ranges. The market has marked out a minor low at 39.85 cents, the low hit March 31. Now, the market is in a choppy, consolidative, sideways phase following recent volatile trade, trading between strong resistance at 42.35 and support at 39.85.

The market's selling pressure into the late-March low stalled around a key Fibonacci retracement support. While the selloff on March 31 to 39.85 cents did pierce a 61.8% Fibonacci retracement of the February-March rally, around 40.16 cents, it didn't close below it.

Nonetheless, the primary longer-term trend is bearish. Declines under 39.85 cents would open the door for a retest of the late-January low at 37.14 cents.

57.43 -- the contract high 
   40.97 -- the 10-day moving average 
   41.58 -- the 20-day moving average 
   41.50 -- the 40-day moving average 
   37.14 -- the contract low