By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Wednesday closed lower and nearer the
session low on mild profit-taking pressure. Stronger "outside markets" crude
oil and gold, and a weaker U.S. dollar limited the losses Wednesday. Corn bulls
still have the near-term technical advantage. The corn bulls' next upside price
objective is to push and close prices above resistance at the contract high of
$6.28 1/4. The next downside price objective for the bears is to push and close
prices below solid support at last week's low of $5.96 3/4. First resistance
for July corn is seen at this week's high of $6.22 1/2 and then at $6.28 1/4.
First support is seen at Wednesday's low of $6.13 1/2 and then at $6.10.

6.28 1/4 --- the contract high
6.09 3/4 --- 10-day moving average
5.87 1/4 --- 20-day moving average
5.76 1/2 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Wednesday closed higher and near the session high on
short covering and bargain-hunting buying. Prices are still in a five-week-old
downtrend on the daily bar chart. The bulls' next upside price objective is to
push and close July futures prices above solid technical resistance at $9.50 a
bushel. The next downside price objective for the bears is pushing and closing
prices below solid support at this week's low of $9.00 a bushel. First
resistance is seen at Wednesday's high of $9.40 and then at $9.50. First
support lies at $9.10 and then at $9.00.

12.72 3/4 --- the contract high
9.38 

 10-day moving average
9.67 1/2 --- 20-day moving average
10.25 3/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Wednesday closed higher and near the session
high on short covering. A five-week-old downtrend is still in place on the
daily bar chart. The bulls' next upside price objective is pushing and closing
prices above solid technical resistance at $10.00 a bushel. The bears' next
downside objective is pushing and closing prices below solid technical support
at Wednesday's low of $9.46. First resistance is seen at this week's high of
$9.80 and then at $10.00. First support is seen at Wednesday's low of $9.46 and
then at $9.25.

13.00 

 the contract high
9.86 1/4 --- 10-day moving average
10.11 3/4 --- 20-day moving average
10.80 1/2 --- 40-day moving average
4.36 

 the contract low