By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MARCH CORN


  March corn on Wednesday closed lower and nearer the session low and hit
another fresh seven-week low. The "outside markets" were mostly bearish
Wednesday--lower crude oil prices, a weaker U.S. stock market and a stronger
U.S. dollar. The seasonal "February break" phenomenon appears to be playing
out. The next downside price objective for the bears is to push and close
prices below solid technical support at the November low of $3.52 1/4 a bushel.
The bulls' next upside price objective is to push and close prices above solid
technical resistance at $3.85 3/4. First resistance for March corn is seen at
$3.65 and then at Wednesday's high of $3.69 1/4. First support is seen at
Wednesday's low of $3.55 3/4 and then at $3.52 1/4.

$8.16 

 the contract high
$3.78 1/2 --- 10-day moving average
$3.83 

 20-day moving average
$3.83 3/4 --- 40-day moving average
$3.05 1/2 --- the contract low


  MARCH CBOT WHEAT


  March wheat on Wednesday closed lower and nearer the session low and hit a
fresh seven-week low. The "outside markets" were mostly bearish
Wednesday--lower crude oil prices, a weaker U.S. stock market and a stronger
U.S. dollar. Wheat bears have the overall near-term technical advantage and
have gained fresh downside momentum this week. The onset of the "February
break" seasonal phenomenon appears at hand. The next downside price objective
for the bears is pushing and closing prices below solid technical support at
$5.15. Bulls' next upside price objective is to push and close March futures
prices above major psychological resistance at $6.00 a bushel. First resistance
is seen at Wednesday's high of $5.62 and then at this week's high of $5.71.
First support lies at Wednesday's low of $5.38 3/4 and then at $5.25.

$12.75 
--- the contract high
$5.72 3/4 --- 10-day moving average
$5.78 1/4 --- 20-day moving average
$5.70 3/4 --- 40-day moving average
$4.71 

 the contract low


  MARCH KCBT WHEAT


  Kansas City Wheat on Wednesday closed lower and near the session low and hit
a fresh seven-week low. Bears have the near-term technical advantage and have
gained more downside momentum this week. The bulls' next upside price objective
is pushing prices above solid technical resistance at this week's high of
$6.02. The bears' next downside objective is pushing and closing prices below
solid technical support at the $5.50. First resistance is seen at $5.80 and
then at Wednesday's high of $5.88. First support is seen at Wednesday's low of
$5.70 and then at the November low of $5.63 1/2.

$12.75 

 the contract high
$6.02 1/2 --- 10-day moving average
$6.06 1/4 --- 20-day moving average
$5.95 3/4 --- 40-day moving average
$4.78 

 the contract low