By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Wednesday closed lower and near the session low. Bulls quickly
faded after big gains on Tuesday. The key "outside markets" were mostly bearish
for corn Wednesday, as the U.S. dollar was firmer and crude oil was lower.
Bulls had gained fresh upside near-term technical momentum Tuesday, but now
need to show some solid follow-through strength yet this week to keep it. The
bulls' next upside price objective is to push and close prices above solid
technical resistance at $4.18. The next downside price objective for the bears
is to push and close prices below solid technical support at this week's low of
$3.76 3/4 a bushel. First resistance for May corn is seen at $4.00 and then at
this week's high of $4.06. First support is seen at Wednesday's low of $3.93
and then at $3.90.

$8.22 

 the contract high
$3.93 1/4--- 10-day moving average
$3.85 1/4 --- 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 Wednesday closed lower and near mid-range. The key "outside
markets" were mostly bearish for wheat Wednesday, as the U.S. dollar was firmer
and crude oil prices were lower. Wheat bears still have the 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 the March high of $5.63 a bushel. First
resistance is seen at this week's high of $5.34 and then at $5.50. First
support lies at $5.20 and then at Wednesday's low of $5.15 3/4.

$11.90 
--- the contract high
$5.29 

 10-day moving average
$5.28 1/2 --- 20-day moving average
$5.33 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Wednesday closed lower and nearer the session high. Bears
still have the near-term technical advantage. The bulls' next upside price
objective is pushing prices above solid technical resistance at the March high
of $6.12. 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 this week's high of $5.73 1/2 and then at $5.80. First support is
seen at $5.60 and then at Wednesday's low of $5.56 1/2.

$12.55 

 the contract high
$5.76 

 10-day moving average
$5.77 1/4 --- 20-day moving average
$5.75 1/4 --- 40-day moving average
$5.13 

 the contract low