By Jim Wyckoff

  DOW JONES NEWSWIRES


  MAY CORN


  May corn on Tuesday closed slightly lower and near the session low on a
corrective pullback from recent solid gains. The key outside markets were
mostly bullish for corn Tuesday - higher crude oil prices and a firmer U.S.
stock market. The bulls still have some upside near-term technical momentum. A
three-week-old uptrend is 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 $3.70 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 $3.95 1/4 and then at this week's
high of $3.97 1/2. First support is seen at Tuesday's low of $3.88 and then at
this week's low of $3.81 1/2.

$8.22 

 the contract high
$3.74 1/2 --- 10-day moving average
$3.67 1/2 --- 20-day moving average
$3.76 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  MAY CBOT WHEAT


  May wheat on Tuesday again closed higher and near the session high and hit a
fresh four-week high. Fresh speculative buying was featured. Some dry weather
in the U.S. Plains states has also supported buying interest in wheat futures.
The key outside markets were mostly bullish for wheat Tuesday - higher crude
oil prices and a firmer U.S. stock market. Wheat bears still have the slight
near-term technical advantage, but the bulls this week have gained some
technical momentum. A 2.5-month-old downtrend on the daily bar chart has been
negated this week. Prices are now in a two-week-old uptrend on the daily chart.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at this 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 $5.75 a bushel. First resistance is seen at Tuesday's
high of $5.54 3/4 and then at $5.70. First support lies at $5.44 3/4 and then
at $5.30.

$11.90 
--- the contract high
$5.26 3/4 --- 10-day moving average
$5.24 3/4 --- 20-day moving average
$5.49 1/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Tuesday closed higher and near the session high and hit
another fresh five-week high on more fresh spec buying. Prices are in a
three-week-old uptrend on the daily bar chart. The bulls' next upside price
objective is pushing prices above solid technical resistance at $6.25. The
bears' next downside objective is pushing and closing prices below solid
technical support at last week's low of $5.58 1/2. First resistance is seen at
Tuesday's high of $6.07 and then at the February high of $6.15. First support
is seen at $6.00 and then at Tuesday's low of $5.95.

$12.55 

 the contract high
$5.76 3/4 --- 10-day moving average
$5.68 

 20-day moving average
$5.85 1/2 --- 40-day moving average
$5.13 

 the contract low