By Jim Wyckoff

  DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Friday closed weaker and near mid-range. Soybean bears still
have the overall near-term technical advantage. Prices are still in a
two-month-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 the March low of
$8.38 1/4 a bushel. First resistance for May soybeans is seen at Friday's high
of $8.89 3/4 and then at last week's high of $8.95. First support is seen at
Friday's low of $8.67 1/4 and then at last week's low of $8.56 1/2.

$16.44 1/2 --- the contract high
$8.64 3/4 --- 10-day moving average
$8.76 1/4 --- 20-day moving average
$9.35 
--- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Friday closed firmer and near the session high, hit a
fresh four-week high and closed at a bullish weekly high close. Bulls are
regaining upside near-term technical momentum. Meal bears do still have the
slight overall near-term technical advantage. Prices are still in a
six-week-old downtrend on the daily bar chart. The next upside price objective
for the bulls is to produce a close above solid technical resistance at
$295.00. The next downside price objective for the bears is pushing and closing
prices below solid technical support at last week's low of $264.40. First
resistance comes in at Friday's high of $279.30 and then at $282.50. First
support is seen at $273.00 and then at $270.00.

$433.60 --- contract high
$267.80 --- 10-day moving average
$270.90 --- 20-day moving average
$290.20 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Friday closed weaker and near mid-range. Bean oil bears
still have the solid 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 32.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at the contract low of 28.89 cents. First resistance is seen
at Friday's high of 30.53 cents and then at 31.00 cents. First support is seen
last week's low of 29.70 cents and then at this week's low of 29.00 cents.

70.23 --- the contract high
30.57 --- 10-day moving average
30.96 --- 20-day moving average
32.27 --- 40-day moving average
28.89 --- the contract low