By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Monday closed firmer and nearer the session low. The key outside
markets were mixed for corn Monday--higher crude oil prices, a stronger U.S.
dollar and steady-mixed U.S. stock index prices. Traders are awaiting Wednesday
morning's monthly USDA supply and demand report. A nine-week-old downtrend
remains in place on the daily bar chart. The next downside price objective for
the bears is to push and close prices below solid technical support at last
week's low of $3.44 1/2 a bushel. The bulls' next upside price objective is to
push and close prices above solid technical resistance at the last "reaction
high" of $3.80 1/2. First resistance for May corn is seen at Monday's high of
$3.70 and then at $3.75. First support is seen at $3.60 and then at $3.55.

$8.22 

 the contract high
$3.61 1/2 --- 10-day moving average
$3.65 3/4 --- 20-day moving average
$3.77 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  MAY CBOT WHEAT


  May wheat on Monday closed weaker and nearer the session low. The key outside
markets were mixed for wheat Monday--higher crude oil prices, a stronger U.S.
dollar and steady-mixed U.S. stock index prices. Traders are awaiting Wednesday
morning's monthly USDA supply and demand report. Wheat bears still have the
near-term technical advantage. Prices are still in a two-month-old downtrend on
the daily bar chart. The next downside price objective for the bears is pushing
and closing prices below solid technical support at the contract low of $4.84
1/4. Bulls' next upside price objective is to push and close May futures prices
above solid technical resistance at $5.44 3/4 a bushel. First resistance is
seen at last week's high of $5.33 and then at Monday's high of $5.39 3/4. First
support lies at Monday's low of $5.20 and then at $5.11 3/4.

$11.90 
--- the contract high
$5.20 1/2 --- 10-day moving average
$5.32 1/4 --- 20-day moving average
$5.58 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Monday closed slightly higher and nearer the session low
after hitting a fresh three-week high early on. Monday's price action did
negate a two-month-old downtrend on the daily bar chart. The bulls' next upside
price objective is pushing prices above psychological resistance at $6.00. The
bears' next downside objective is pushing and closing prices below solid
technical support at last week's low of $5.41 1/2.

  First resistance is seen at $5.80 and then at Monday's high of
$5.85. First support is seen at Monday's low of $5.70 and then at
$5.60.

$12.55 

 the contract high
$5.62 3/4 --- 10-day moving average
$5.69 1/2 --- 20-day moving average
$5.91 

 40-day moving average
$5.13 

 the contract low