By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MARCH SOYBEANS


  March soybeans on Tuesday closed lower and near mid-range and did hit another
fresh four-week low. The key "outside markets" were mostly bullish Tuesday -
firmer crude oil and a sharply lower U.S. dollar. However, gold prices were
solidly lower to somewhat mitigate crude and the dollar's influence. The onset
of the seasonal "February break" phenomenon also has the bulls worried. The
next upside price objective for the bean bulls is to push and close prices back
above solid technical resistance at last week's high of $10.41 1/2 a bushel.
The next downside price objective for the bears is pushing and closing prices
below major psychological support at $9.00 a bushel. First resistance for March
soybeans is seen at Tuesday's high of $9.62 3/4 and then at this week's high of
$9.76 1/4. First support is seen at Tuesday's low of $9.34 1/2 and then at
$9.25.

$16.53 1/2 --- the contract high
$9.86 1/2 --- 10-day moving average
$9.90 3/4 --- 20-day moving average
$9.40 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 mid-range and did hit a
fresh three-week low. Bulls are fading in meal, too. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at $314.80. The next downside price objective for the bears is pushing and
closing prices below solid technical support at the January low of $292.00.
First resistance comes in at Tuesday's high of $305.90 and then at this week's
high of $310.00. First support is seen at $300.00 and then at Tuesday's low of
$297.20.

$434.40 --- contract high
$312.10 --- 10-day moving average
$307.30 --- 20-day moving average
$289.50 --- 40-day moving average
$229.70 --- the contract low


  MARCH SOYBEAN OIL


  March soybean oil on Tuesday closed lower, nearer the session low and hit
another fresh five-week low. Bears still have the solid near-term technical
advantage. Prices are in a four-week-old downtrend on the daily bar chart. The
next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 34.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at the contract low of 28.52 cents. First resistance is seen
at 32.00 cents and then at today's high of 32.45 cents. First support is seen
at Tuesday's low of 31.23 cents and then at 31.00 cents.

74.18 --- the contract high
32.89 --- 10-day moving average
34.05 --- 20-day moving average
32.90 --- 40-day moving average
28.52 --- the contract low