By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Wednesday closed solidly lower and near the session low
on profit-taking pressure. No chart damage occurred but strong follow-through
selling pressure on Thursday would likely produce some near-term chart damage.
The next upside price objective for the bean bulls is to push and close prices
above solid technical resistance at this week's high of $14.15 a bushel. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $13.38 3/4, which would fill on the downside an
upside price gap on the daily bar chart. First resistance for July soybeans is
seen at $13.72 and then at $14.00. First support is seen at Wednesday's low of
$13.51 and then at $13.38 3/4.

15.96 

 the contract high
13.31 

 10-day moving average
13.05 

 20-day moving average
13.78 3/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Wednesday closed lower and nearer the session low.
Prices are still in a choppy five-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 last week's high of $360.70. The next downside price
objective for the bears is pushing and closing prices below solid support at
$337.50. First resistance comes in at $350.00 and then at $353.80. First
support is seen at Wednesday's low of $342.00 and then at $340.00.

$394.00 --- the contract high
$344.70 --- 10-day moving average
$340.70 --- 20-day moving average
$353.90 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Wednesday closed lower and nearer the session low on
profit-taking pressure. No chart damage occurred Wednesday, but strong
follow-through selling pressure on Thursday would begin to produce near-term
chart damage. The next upside price objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at this week's high of
63.75 cents. The bears' next downside technical price objective is pushing and
closing prices below solid support at 60.93 cents, which would fill on the
downside an upside price gap on the daily bar chart. First resistance is seen
at 63.00 cents and then at Wednesday's high of 63.35 cents. First support is
seen at Wednesday's low of 61.65 cents and then at 61.00 cents.

71.32 --- the contract high
59.48 --- 10-day moving average
57.80 --- 20-day moving average
61.25 --- 40-day moving average
31.90 --- the contract low