By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Tuesday closed weaker and near mid-range in quieter trading.
Bearish "outside markets" Tuesday - weaker crude oil prices, a weaker U.S.
stock market and a firmer U.S. dollar - did limit the upside in corn. While a
three-week-old uptrend is still in place on the daily bar chart, the bulls are
fading a bit, technically, and need to show fresh power soon. The next downside
price objective for the bears is to push and close prices below solid technical
support at $3.75 a bushel. The bulls' next upside price objective is to push
and close prices above solid technical resistance at $4.25. First resistance
for May corn is seen at Tuesday's high of $3.98 and then at this week's high of
$4.03 3/4. First support is seen at Tuesday's low of $3.92 and then at $3.90.

$8.22 

 the contract high
$3.89 1/4--- 10-day moving average
$3.75 3/4--- 20-day moving average
$3.76 
--- 40-day moving average
$3.15 3/4 --- the contract low


  MAY CBOT WHEAT


  May wheat on Tuesday closed lower and nearer the session low. Bearish
"outside markets" Tuesday--weaker crude oil prices, a weaker U.S. stock market
and a firmer U.S. dollar--did help pressure wheat. Wheat bears still have the
near-term technical advantage. The next downside price objective for the bears
is pushing and closing prices below solid technical support at last week's low
of $5.11 1/2. Bulls' next upside price objective is to push and close May
futures prices above solid technical resistance at this week's high of $5.63 a
bushel. First resistance is seen at $5.45 and then at Tuesday's high of $5.52
3/4. First support lies at Tuesday's low of $5.30 1/4 and then at $5.25.

$11.90 
--- the contract high
$5.36 3/4 --- 10-day moving average
$5.29 

 20-day moving average
$5.44 

 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Tuesday closed lower and near mid-range. A three-week-old
uptrend line on the daily bar chart was penetrated on the downside and negated
Tuesday. The bulls' next upside price objective is pushing prices above solid
technical resistance at $6.20. The bears' next downside objective is pushing
and closing prices below solid technical support at last week's low of $5.71.
First resistance is seen at Tuesday's high of $5.99 and then at this week's
high of $6.12. First support is seen at Tuesday's low of $5.81 and then at
$5.75.

$12.55 

 the contract high
$5.89 1/2 --- 10-day moving average
$5.77 1/4 --- 20-day moving average
$5.83 1/2 --- 40-day moving average
$5.13 

 the contract low