By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY SOYBEANS


  May soybeans on Monday hit a fresh six-week high and then backed off to close
firmer and nearer the session low. The soybean bulls Monday may have become
exhausted at higher price levels. Bullish "outside markets" Monday--higher
crude oil prices, sharp gains in U.S. equities and a lower U.S. dollar--did
support buying interest in soybeans. Bulls still have some 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 today's high of $9.81 1/4
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 $9.60 and then at $9.70. First support
is seen at Monday's low of $9.50 3/4 and then at $9.40.

$16.44 1/2 --- the contract high
$9.08 1/2--- 10-day moving average
$8.86 3/4 --- 20-day moving average
$9.22 1/4 --- 40-day moving average
$7.86 1/2 
 the contract low


  MAY SOYBEAN MEAL


  May soybean meal on Monday hit a fresh six-week high and then backed off to
close weaker and near the session low. The bulls may have become exhausted at
higher price levels Monday. However, prices are still 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 Monday's high of
$308.80. 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
$300.00 and then at $303.00. First support is seen at Monday's low of $297.00
and then at $295.00.

$433.60 --- contract high
$285.30 --- 10-day moving average
$275.60 --- 20-day moving average
$286.90 --- 40-day moving average
$237.00 --- the contract low


  MAY SOYBEAN OIL


  May soybean oil on Monday closed higher and nearer the session high and did
hit a fresh six-week high. Bullish "outside markets" Monday - higher crude oil
prices, a sharply higher U.S. stock market and a lower U.S. dollar - did prompt
buying interest in bean oil. Bean oil bears still have the slight near-term
technical advantage. The next upside price objective for the bean oil bulls is
pushing and closing prices above solid technical resistance at the February
high of 35.09 cents. Bean oil bears' next downside technical price objective is
pushing and closing prices below solid technical support at 31.00 cents. First
resistance is seen at Monday's high of 33.45 cents and then at 34.00 cents.
First support is seen at 32.50 cents and then at Monday's low of 32.26 cents.

70.23 --- the contract high
31.18--- 10-day moving average
31.10 --- 20-day moving average
31.88 --- 40-day moving average
28.89 --- the contract low