By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Friday closed steady and nearer the session high. The bulls have
gained upside near-term technical momentum recently. 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 $3.75 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 $4.00 and then at last week's high of $4.02 1/2. First support is seen
at Friday's low of $3.93 1/2 and then at $3.90.

$8.22 

 the contract high
$3.84 1/4--- 10-day moving average
$3.72 3/4--- 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 Friday closed lower and near mid-range. Wheat bears still have
the slight overall 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 $5.89
3/4 a bushel. First resistance is seen at Friday's high of $5.61 and then at
$5.75. First support lies at Friday's low of $5.41 and then at $5.37 3/4.

$11.90 
--- the contract high
$5.34 

 10-day moving average
$5.27 1/4 --- 20-day moving average
$5.47 
--- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Friday closed weaker and near the session high. 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 $6.15.
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 last
week's high of $6.09 and then at $6.15. First support is seen at $6.00 and then
at Friday's low of $5.92.

$12.55 

 the contract high
$5.86 

 10-day moving average
$5.73 1/2 --- 20-day moving average
$5.85 

 40-day moving average
$5.13 

 the contract low