By Jim Wyckoff


  DOW JONES NEWSWIRES

MARCH SOYBEANS


  March soybeans on Thursday closed weaker and nearer the session low. The
"outside markets" were mostly bearish Thursday, as crude oil prices were weaker
and the stock indexes were weaker. Selling interest continues to be limited by
the serious drought in Argentina's soybean regions. The next upside price
objective for the bean bulls is to push and close prices back above solid
technical resistance at the January high of $10.60 1/4 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at last week's low of $9.57 3/4 a bushel. First
resistance for March soybeans is seen at $10.25 and then at Thursday's high of
$10.34 3/4. First support is seen at $10.00 and then at Thursday's low of $9.96
1/4.

$16.53 1/2 --- the contract high
$9.97 1/2 --- 10-day moving average
$9.80 1/4 --- 20-day moving average
$9.17 3/4 --- 40-day moving average
$7.79 1/4 
 the contract low


  MARCH SOYBEAN MEAL


  March soybean meal on Thursday closed weaker and nearer the session low on
mild profit-taking after hitting a nearly four-month high early on. Bulls still
have some upside near-term technical momentum. The next upside price objective
for the bulls is to produce a close above solid technical resistance at
$340.00. The next downside price objective for the bears is pushing and closing
prices below solid technical support at $300.00. First resistance comes in at
$321.50 and then at Thursday's high of $325.20. First support is seen at
Thursday's low of $313.50 and then at $310.00.

$434.40 --- contract high
$306.80 --- 10-day moving average
$300.80 --- 20-day moving average
$278.20 --- 40-day moving average
$229.70 --- the contract low


  MARCH SOYBEAN OIL


  March soybean oil on Thursday closed lower and nearer the session low, amid
mostly bearish "outside markets" - lower crude oil and a weaker U.S. stock
market. Bears still have the near-term technical advantage. The next upside
price objective for the bean oil bulls is pushing and closing prices above
solid technical resistance at last week's high of 35.40 cents. Bean oil bears'
next downside technical price objective is pushing and closing prices below
solid technical support at the October low of 31.65 cents. First resistance is
seen at 34.00 cents and then at Thursday's high of 34.49 cents. First support
is seen at this week's low of 33.12 cents and then at 32.50 cents.

74.18 --- the contract high
34.61 --- 10-day moving average
34.17 --- 20-day moving average
32.79 --- 40-day moving average
28.52 --- the contract low