By Jim Wyckoff

  Of DOW JONES NEWSWIRES

  MARCH SOYBEANS

  March soybeans on Tuesday closed solidly lower and near the session low. The
"outside markets" were mostly bearish Tuesday, as crude oil and gold prices
were lower. Better rainfall chances in Argentina's soybean regions were also a
bearish factor in beans. The potential for a "February Break" seasonal
phenomenon occurring soon does worry the bulls even more after Tuesday's
downside price action. The next upside price objective for the bean bulls is to
push and close prices back above solid technical resistance at this week's high
of $10.41 1/2 a bushel. The next downside price objective for the bears is
pushing and closing prices below solid technical support at the January low of
$9.57 3/4 a bushel. First resistance for March soybeans is seen at $10.00 and
then at Tuesday's high of $10.17 1/4. First support is seen at Tuesday's low of
$9.73 and then at $9.57 3/4.

  $16.53 1/2 --- the contract high

  $9.97 3/4 --- 10-day moving average

  $9.90 3/4 --- 20-day moving average

  $9.25 3/4 --- 40-day moving average

  $7.79 1/4 
 the contract low

  MARCH SOYBEAN MEAL

  March soybean meal on Tuesday closed lower and near the session low on more
profit-taking pressure. Bulls faded Tuesday. The next upside price objective
for the bulls is to produce a close above solid technical resistance at last
week's high of $326.00. 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 $310.00 and then at $313.50. First support is seen at
Tuesday's low of $306.00 and then at $302.00.

  $434.40 --- contract high

  $310.40 --- 10-day moving average

  $304.70 --- 20-day moving average

  $282.20 --- 40-day moving average

  $229.70 --- the contract low

  MARCH SOYBEAN OIL

  March soybean oil on Tuesday closed lower and near the session low and hit a
fresh four-week low. Bears still have the near-term technical advantage and
gained more momentum Tuesday. The next upside price objective for the bean oil
bulls is pushing and closing prices above solid technical resistance at this
week's high of 35.00 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 33.00 cents and then at
33.50 cents. First support is seen at Tuesday's low of 32.63 cents and then at
32.00 cents.

  74.18 --- the contract high

  33.93 --- 10-day moving average

  34.36 --- 20-day moving average

  32.80 --- 40-day moving average

  28.52 --- the contract low