By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Thursday closed solidly higher. Prices produced a rare gap up
on the electronic trading chart, hit a fresh four-week high and closed near
mid-range. Bullish "outside markets" Thursday - sharply higher crude oil prices
and a sharply lower U.S. dollar - did boost buying interest in soybeans, as the
commodity market inflation play was in effect. Bulls have gained good upside
near-term technical momentum. Prices are in a steep three-week-old uptrend on
the daily bar chart. The next upside price objective for the bean bulls is to
push and close prices back above solid technical resistance at $9.80 a bushel.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at $9.00 a bushel. First resistance for May
soybeans is seen at Thursday's high of $9.52 3/4 and then at $9.60. First
support is seen at Thursday's low of $9.28 1/4 and then at $9.20.

$16.44 1/2 - the contract high
$8.90 3/4  - 10-day moving average
$8.78 1/2  - 20-day moving average
$9.25 1/2  - 40-day moving average
$7.86 1/2  - the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Thursday closed higher, gapped higher on the daily bar
chart, hit a fresh five-week high and closed near mid-range. Bulls have solid
near-term technical momentum. Prices are in a steep four-week-old uptrend on
the daily bar chart. The next upside price objective for the bulls is to
produce a close above solid technical resistance at $307.00. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at $284.00. First resistance comes in at Thursday's high of
$300.30 and then at $303.00. First support is seen at Thursday's low of $292.50
and then at $290.00.

$433.60 - contract high
$278.50 - 10-day moving average
$272.70 - 20-day moving average
$287.80 - 40-day moving average
$237.00 - the contract low


  MAY SOYBEAN OIL


  May soybean oil on Thursday closed higher and near mid-range and did hit a
fresh three-week high. 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 the contract low of 28.89 cents. First
resistance is seen at 32.00 cents and then at Thursday's high of 32.50 cents.
First support is seen at Thursday's low of 31.31 cents and then at 30.00 cents.


70.23 - the contract high
30.82 - 10-day moving average
30.89 - 20-day moving average
31.94 - 40-day moving average
28.89 - the contract low