By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Monday closed weaker and nearer the session high after being
solid under pressure most of the session. Prices also hit a fresh two-week low
early on. Strongly bearish "outside markets" Monday--sharply lower crude oil
prices, sharp losses in the U.S. stock market and a stronger U.S.
dollar--worked to pressure corn. However, short covering ahead of what is
expected to be a bullish USDA planting intentions and quarterly grain stocks
report on Tuesday morning did limit losses. 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 last week's high of $4.03 3/4. First
resistance for May corn is seen at Monday's high of $3.89 1/2 and then at
$3.95. First support is seen at last week's low of $3.84 1/2 and then at $3.80.


$8.22 

 the contract high
$3.91 1/4--- 10-day moving average
$3.80 3/4 --- 20-day moving average
$3.75 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  MAY CBOT WHEAT


  May wheat on Monday closed firmer and nearer the session high on a
short-covering bounce from recent losses and ahead of Tuesday morning's USDA
report. Strongly bearish "outside markets" - sharply lower crude oil prices,
sharp losses in the U.S. stock market and a stronger U.S. dollar - did limit
the upside in wheat Monday. Wheat bears still have the solid near-term
technical advantage. 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 $5.50 a bushel. First resistance is seen at
Monday's high of $5.16 and then at $5.20. First support lies at today's low of
$5.01 and then at $4.98 1/2.

$11.90 
--- the contract high
$5.31 1/2 --- 10-day moving average
$5.26 3/4 --- 20-day moving average
$5.35 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Monday closed firmer and near the session high after
hitting a fresh three-week low early on. Short covering in a bear market was
featured. Bears still have the near-term technical advantage. The bulls' next
upside price objective is pushing prices above solid technical 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 $5.60 and then at $5.70. First support is seen at Monday's low of $5.46 1/2
and then at $5.41 1/2.

$12.55 

 the contract high
$5.80 3/4 --- 10-day moving average
$5.75 3/4 --- 20-day moving average
$5.76 1/2 --- 40-day moving average
$5.13 

 the contract low