By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Monday hit a fresh seven-week high and then did back off to close
weaker and nearer the session low to produce a bearish "outside day" down on
the daily bar chart. Bullish outside markets Monday--higher crude oil prices,
sharply higher U.S. stock indexes and a lower U.S. dollar--did not help out
corn Monday, and that's a bearish clue. However, 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 Monday's high of $4.03 3/4. First support is seen at Monday's low
of $3.92 1/2 and then at $3.90.

$8.22 

 the contract high
$3.87 1/4--- 10-day moving average
$3.74 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 Monday closed weaker and nearer the session low after hitting a
fresh six-week high early on. Bullish "outside markets" Monday--higher crude
oil prices, a sharply higher U.S. stock market and a lower U.S. dollar--did not
help wheat bulls. That's a bearish clue. Wheat bears still have the slight
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 Monday's high of $5.63 and then at $5.75. First support
lies at Monday's low of $5.45 and then at $5.37 3/4.

$11.90 
--- the contract high
$5.36 3/4 --- 10-day moving average
$5.28 1/2 --- 20-day moving average
$5.45 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Monday closed firmer and nearer the session low and did hit
a fresh six-week 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 $6.20. 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 Monday's high of $6.12 and then at $6.15. First
support is seen at Monday's low of $6.00 and then at $5.92.

$12.55 

 the contract high
$5.88 3/4 --- 10-day moving average
$5.75 3/4 --- 20-day moving average
$5.84 1/2 --- 40-day moving average
$5.13 

 the contract low