By Jim Wyckoff
   Of DOW JONES NEWSWIRES

MAY CORN


  May corn on Tuesday closed lower and near the session low on a corrective
pullback from recent gains. The key "outside markets" were bearish for corn
again Tuesday, as the U.S. dollar was stronger and crude oil and equities
prices were lower.

  Bulls and bears are now back on a level near-term technical playing field.

  Prices are still in a five-week-old uptrend on the daily bar chart. 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 last week's low of
$3.76 3/4 a bushel.

  First resistance for May corn is seen at $4.00 and then at $4.05. First
support is seen at $3.95 and then at $3.90.

$8.22 

 the contract high
$3.95 3/4--- 10-day moving average
$3.92 1/2 --- 20-day moving average
$3.78 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low

MAY CBOT WHEAT


  May wheat on Tuesday closed lower and nearer the session low after hitting a
fresh two-month high on Monday. The key "outside markets" were bearish for
wheat again Tuesday, as the U.S. dollar was firmer and crude oil and equities
prices were lower.

  Wheat bulls could get no traction Tuesday from freezing weather in the Plains
states overnight that could have damaged the U.S. wheat crop.

  Wheat bears still have the overall near-term technical advantage.

  The next downside price objective for the bears is pushing and closing prices
below solid technical support at $5.20. Bulls' next upside price objective is
to push and close May futures prices above solid technical resistance at the
February high of $5.89 3/4 a bushel.

  First resistance is seen at Tuesday's high of $5.64 1/2 and then at this
week's high of $5.72 3/4. First support lies at $5.35 and then at $5.25.

$11.90 
-- the contract high
$5.31 1/4 --- 10-day moving average
$5.34 
--- 20-day moving average
$5.31 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low

MAY KCBT WHEAT


  May KCBT wheat on Tuesday closed lower and near the session low. Bears still
have the overall near-term technical advantage.

  The bulls' next upside price objective is pushing prices above solid
technical resistance at this week's high of $6.15. The bears' next downside
objective is pushing and closing prices below solid technical support at $5.60.

  First resistance is seen at $6.00 and then at $6.10. First support is seen at
Tuesday's low of $5.90 and then at $5.80.

$12.55 
-- the contract high
$5.75 1/4 --- 10-day moving average
$5.82 1/4 --- 20-day moving average
$5.75 1/4 --- 40-day moving average
$5.13 
--- the contract low