By Jim Wyckoff

  OF DOW JONES NEWSWIRES


  MAY SOYBEANS
 May soybeans on Monday closed firmer and near mid-range and were supported on
short covering following recent strong losses that saw prices hit a nine-week
low on Friday. Bearish key "outside markets" Monday - lower crude oil, a firmer
U.S. dollar against the other major currencies and a weaker U.S. stock market -
did limit buying interest in beans. Still, serious near-term chart damage has
been inflicted in soybeans recently. Prices are in a seven-week-old downtrend
on the daily bar chart. The next upside price objective for the bean bulls is
to push and close prices back above psychological resistance at $9.00 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 $8.54 1/4 a bushel. First
resistance for March soybeans is seen at $8.85 and then at Monday's high of
$8.95 3/4. First support is seen at Monday's low of $8.61 1/4 and then at $8.54
1/4.

  $16.44 1/2 - the contract high

   $9.33 1/2 - 10-day moving average

   $9.57 1/2 - 20-day moving average

   $9.76 1/2 - 40-day moving average

   $7.86 1/2 - the contract low


  MAY SOYBEAN MEAL
 May soybean meal on Monday closed firmer and nearer the session high on short
covering following recent strong losses. Bears still have the near-term
technical advantage and some downside technical momentum in meal as prices
Friday fell to a fresh nine-week low. The next upside price objective for the
bulls is to produce a close above solid technical resistance at last week's
high of $295.80. The next downside price objective for the bears is pushing and
closing prices below solid technical support at last week's low of $265.30.
First resistance comes in at Monday's high of $276.70 and then at $279.30.
First support is seen at $270.00 and then at $267.50.

  $433.60 - contract high

  $289.10 - 10-day moving average

  $298.20 - 20-day moving average

  $301.20 - 40-day moving average

  $237.00 - the contract low


  MAY SOYBEAN OIL
 May soybean oil on Monday closed firmer and near the session low. Bean oil
bears still have the solid near-term technical advantage as prices Friday fell
to a fresh nine-week low. 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 33.42 cents. Bean oil bears' next downside technical price
objective is pushing and closing prices below solid technical support at the
December low of 28.89 cents. First resistance is seen at 31.00 cents and then
at Monday's high of 31.50 cents. First support is seen at 30.00 cents and then
at last week's low of 29.88 cents.

  70.23 - the contract high

  32.27 - 10-day moving average

  32.65 - 20-day moving average

  33.64 - 40-day moving average

  28.89 - the contract low