By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Wednesday closed lower, near
mid-range and were pressured by a firmer U.S. dollar and by early losses in
crude oil. Bulls still have the overall technical advantage in corn. Bulls were
encouraged by buying interest at lower price levels Wednesday. There is strong
technical support just below the market. The bulls' next upside price objective
is to push prices above solid technical resistance at $6.00. The next downside
price objective for the bears is to push and close prices below solid support
at $5.79 1/4. First resistance for July corn is seen at Wednesday's high of
$5.96 3/4 and then at $6.00. First support is seen at $5.90 and then at
Wednesday's low of $5.85.

6.34 

 the contract high
5.95 3/4 --- 10-day moving average
6.04 3/4--- 20-day moving average
6.05 3/4 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Wednesday closed steady and nearer the session high.
Prices are still trapped below a 10-week-old downtrend on the daily bar chart.
The recent pause is not bullish. The bulls' next upside price objective is to
push and close July futures prices above technical resistance at last week's
high of $8.09 1/2 a bushel. The next downside price objective for the bears is
pushing and closing prices below technical support at $7.00 a bushel. First
resistance is seen at this week's high of $7.67 3/4 and then at $7.76 1/2.
First support lies at Wednesday's low of $7.43 1/2 and then at last week's low
of $7.40 1/2.

12.72 3/4 --- the contract high
7.68 
--- 10-day moving average
7.86 3/4 --- 20-day moving average
8.43 1/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Wednesday closed weaker and nearer the session
high but did hit a fresh 5 1/2-month low. Bears still have the overall
near-term technical advantage. The recent pause is not bullish. A 10-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 last week's high of $8.52 a bushel. The bears' next downside objective is
pushing and closing prices below solid technical support at $7.50. First
resistance is seen at this week's high of $8.12 and then at $8.30. First
support is seen at $8.00 and then at Wednesday's low of $7.91 1/2.

13.00 

 the contract high
8.16 1/4 --- 10-day moving average
8.33 3/4 --- 20-day moving average
8.89 1/4 --- 40-day moving average
4.36 

 the contract low