By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Wednesday closed lower and near the session low. A three-week-old
uptrend on the daily bar chart was negated Wednesday, while the bears did gain
some fresh downside near-term technical momentum. Traders are awaiting next
Tuesday's USDA planting intentions and quarterly grain stocks report. The next
downside price objective for the bears is to push and close prices below solid
technical support at $3.70 a bushel. The bulls' next upside price objective is
to push and close prices above solid technical resistance at this week's high
of $4.03 3/4. First resistance for May corn is seen at $3.90 and then at
Wednesday's high of $3.94 1/4. First support is seen at Wednesday's low of
$3.84 1/2 and then at $3.80.

$8.22 

 the contract high
$3.91 1/4--- 10-day moving average
$3.76 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 Wednesday closed solidly lower and nearer the session low and
hit a fresh two-week low. Traders are awaiting next Tuesday's USDA planting
intentions and quarterly grain stocks report. Fresh near-term chart damage was
inflicted Wednesday. Wheat bears have the solid near-term technical advantage.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at the March low of $4.98 1/2. Bulls' next upside
price objective is to push and close May futures prices above solid technical
resistance at $5.50 a bushel. First resistance is seen at $5.20 and then at
$5.25. First support lies at Wednesday's low of $5.06 3/4 and then at $5.00.

$11.90 
--- the contract high
$5.36 3/4 --- 10-day moving average
$5.27 3/4 --- 20-day moving average
$5.41 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Wednesday closed solidly lower and near the session low and
hit a fresh three-week low. Bears have regained fresh downside near-term
technical momentum. The bulls' next upside price objective is pushing prices
above solid technical resistance at $6.00. The bears' next downside objective
is pushing and closing prices below solid technical support at the March low of
$5.41 1/2. First resistance is seen at $5.65 and then at $5.75. First support
is seen at $5.50 and then at $5.41 1/2.

$12.55 

 the contract high
$5.88 3/4 --- 10-day moving average
$5.76 1/4 --- 20-day moving average
$5.81 3/4 --- 40-day moving average
$5.13 

 the contract low