By Jim Wyckoff

  OF DOW JONES NEWSWIRES


  MAY CORN
 May corn on Thursday closed solidly higher and near the session high and hit a
fresh four-week high. Thursday's weekly USDA export inspections report was
bullish and so were the outside markets - sharply higher stock indexes and
sharply higher crude oil prices. The bulls Thursday gained fresh upside
near-term technical momentum. The next downside price objective for the bears
is to push and close prices below solid technical support at this week's low of
$3.57 a bushel. The bulls' next upside price objective is to push and close
prices above major psychological resistance at $4.00. First resistance for May
corn is seen at Thursday's high of $3.86 3/4 and then at $3.93. First support
is seen at $3.80 and then at $3.75.
   $8.22     - the contract high

  $3.63 1/2 - 10-day moving average

  $3.64 1/2 - 20-day moving average

  $3.76 1/2 - 40-day moving average

  $3.15 3/4 - the contract low


  MAY CBOT WHEAT
 May wheat on Thursday closed firmer and near the session high on short
covering in a bear market. The key outside markets were mostly bullish for
wheat Thursday - sharply higher crude oil prices and a stronger U.S. stock
market. 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 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 $5.44 3/4 a bushel. First resistance is seen at Thursday's high
of $5.26 1/2 and then at $5.31. First support lies at $5.20 and then at $5.15.
   $11.90     - the contract high

   $5.18 1/2 - 10-day moving average

   $5.25 1/4 - 20-day moving average

   $5.54 3/4 - 40-day moving average

   $4.84 1/4 - the contract low


  MAY KCBT WHEAT
 May KCBT wheat on Thursday closed firmer and near the session high on short
covering in a bear market. Bears still have the overall near-term technical
advantage. 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 the March low of
$5.41 1/2. First resistance is seen at $5.70 and then at $5.80. First support
is seen at Thursday's low of $5.63 and then at this week's low of $5.58 1/2.
   $12.55     - the contract high

   $5.64 3/4 - 10-day moving average

   $5.65 3/4 - 20-day moving average

   $5.87 1/4 - 40-day moving average
    $5.13     - the contract low