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May soybeans on Friday closed lower and nearer the session low. Bulls still have the overall near-term technical advantage as prices are in a three-week-old uptrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing May prices above solid chart resistance at last week's high of $14.32 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $13.50. First resistance is seen at $14.00 and then at Friday's high of $14.16 1/2. First support is seen at Friday's low of $13.86 1/2 and then at $13.75.

$14.67 1/2 --- the contract high
$13.67 3/4 --- 10-day moving average
$13.54 1/2 --- 20-day moving average
$13.75 3/4 --- 40-day moving average
$8.52 -------- the contract low

Source: VantagePoint Intermarket Analysis Software

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May soybean meal on Friday closed lower and near the session low. Bulls still have the overall near-term technical advantage as prices are in a three-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week's high of $377.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $352.20. First resistance comes in at $362.50 and then at $365.00. First support is seen at $360.00 and then at $357.50.

$395.00 --- contract high
$361.40 --- 10-day moving average
$358.10 --- 20-day moving average
$365.00 --- 40-day moving average
$243.00 --- the contract low

May bean oil on Friday closed weaker and nearer the session high. Bulls still have the overall near-term technical advantage as prices are in a three-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week's high of 59.57 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 57.00 cents. First resistance is seen at Friday's high of 58.89 cents and then at 59.00 cents. First support is seen at 58.50 cents and then at 58.00 cents.

60.50 --- the contract high
56.85 --- 10-day moving average
56.38 --- 20-day moving average
57.20 --- 40-day moving average
33.96 --- the contract low

May corn futures on Friday gapped sharply higher on the daily bar char, hit a fresh four-week high and closed sharply higher and near the session high. Corn bulls have the strong overall near-term technical advantage. There are no early technical clues to suggest prices are near a top. Corn bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the contract high of $7.44 1/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $6.93 1/4, which is the bottom of Friday's big upside price gap on the daily bar chart. First resistance for May corn is seen at Friday's high of $7.38 1/4 and then at $7.44 1/4. First support is seen at $7.30 and then at Friday's low of $7.25.

$7.44 1/4 ---- the contract high
$6.88 1/4 ---- 10-day moving average
$6.80 -------- 20-day moving average
$6.95 1/4 ---- 40-day moving average
$3.66 1/2 ---- the contract low

May Chicago SRW wheat on Friday closed weaker and near mid-range. Wheat bulls still have some upside technical momentum. Look for the wheat market to be a follower of corn and soybeans for the next several weeks. Bulls' next upside price breakout objective is to push and close Chicago SRW prices above psychological resistance at $8.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below psychological support at last week's low of $7.21. First resistance is seen at $7.60 and then at Friday's high of $7.74. First support lies at $7.50 and then at Friday's low of $7.44 3/4.

$9.25 1/2 --- the contract high
$7.34 1/4 --- 10-day moving average
$7.31 1/4 --- 20-day moving average1
$7.92 1/4 --- 40-day moving average
$5.23 ------- the contract low

May K.C. HRW wheat on Friday closed slightly lower and nearer the session low. Prices hit a fresh four-week high early on. Bulls have the near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the March high of $9.31. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $8.68, which is the bottom of last week's upside price gap on the daily bar chart. First resistance is seen at $9.15 andthen at Friday's high of $9.23. First support is seen at Friday's low of $8.97 and then at $8.90.

$10.00 ------- the contract high
$8.61 3/4 ---- 10-day moving average
$8.48 -------- 20-day moving average
$8.93 1/2 ---- 40-day moving average
$5.16 3/4 --- the contract low