By Jim Wyckoff

  DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Thursday closed lower nearer the session low. The key
"outside markets" were in a bullish posture for soybeans Thursday--a weaker
U.S. dollar, stronger crude oil prices and a steady to firmer U.S. stock
market. However, those markets did not help out soybeans, which is another
bearish clue. Soybean bears still have the near-term technical advantage.
Prices are also 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 May
soybeans is seen at $8.80 and then at Thursday's high of $8.91. First support
is seen at Thursday's low of $8.58 and then at $8.54 1/2.

$16.44 1/2 --- the contract high
$8.97 3/4 --- 10-day moving average
$9.39 1/2 --- 20-day moving average
$9.70 3/4 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Thursday closed lower and nearer the session low and hit
a fresh 2.5-month low. More chart damage was inflicted in meal Thursday. Meal
bears still have the near-term technical advantage. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at $280.00. The next downside price objective for the bears is pushing and
closing prices below solid technical support at $250.00. First resistance comes
in at $265.00 and then at $270.00. First support is seen at Thursday's low of
$259.70 and then at $257.50.

$433.60 --- contract high
$277.20 --- 10-day moving average
$291.70 --- 20-day moving average
$299.30 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Thursday closed lower and near mid-range. Higher crude oil
prices did limit selling interest in bean oil Thursday. Bean oil 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 34.00 cents. Bean oil bears' next downside technical price objective is
pushing and closing prices below solid technical support at last week's low of
29.88 cents. First resistance is seen at Thursday's high of 32.57 cents and
then at 33.00 cents. First support is seen at Thursday's low of 31.54 cents and
then at 31.00 cents.

70.23 --- the contract high
31.55 --- 10-day moving average
32.37 --- 20-day moving average
33.56 --- 40-day moving average
28.89 --- the contract low