By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Monday closed nearer the session high and hit a fresh
11-week high. Bulls still have solid upside technical momentum on their side,
and gained more Monday as prices pushed above major psychological resistance at
$8.00. However, I still would not be surprised to see a significant downside
"correction" at some point soon. The next upside price objective for the bulls
is closing prices above solid technical resistance at the contract high of
$8.22. The next downside price objective for the bears is closing prices below
solid support at $7.80. First resistance for July soybeans is seen at Monday's
high of $8.03 and then at $8.08. First support is seen at Monday's low of $7.94
1/2 and then at $7.89.

8.22 --- the contract high
7.72 1/4 --- 10-day moving average
7.57 1/4 --- 20-day moving average
7.60 3/4 --- 40-day moving average
5.82 1/2 --- the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Monday closed nearer the session high and hit a
fresh six-week high. Bulls have upside technical momentum and gained more
Monday. The next upside price objective for the bulls is producing a close
above solid chart resistance at $218.00. The next downside price objective for
the bears is closing prices below solid support at $208.00. First resistance
comes in at Monday's high of $216.40 and then at $218.00. First support is seen
at Monday's low of $212.70 and then at $210.00.

245.20 --- the contract high
207.10 --- 10-day moving average
203.60 --- 20-day moving average
208.00 --- 40-day moving average
167.30 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Monday closed at a fresh contract high close and closed
near the session high, amid soaring crude oil prices. Bean oil bulls still have
the solid near-term technical advantage. The next upside price objective for
the bulls is pushing prices above solid technical resistance at 36.00 cents.
The bears' next downside price objective is pushing and closing prices below
solid support at 34.00 cents. First resistance is seen at the contract high of
35.31 cents and then at 35.50 cents. First support is seen at Monday's low of
35.03 cents and then at 34.60 cents.

35.31 --- the contract high
34.37 --- 10-day moving average
33.83 --- 20-day moving average
33.36 --- 40-day moving average
22.50 --- the contract low