By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY CORN


  July corn on Monday closed lower but nearer the session high after suffering
sharp losses early on, amid the swine flu scare. The key "outside markets" were
bearish for corn Monday as the U.S. dollar was stronger while crude oil and
U.S. stock index prices lower, amid the swine flu scare worldwide. Prices are
in a four-week-old downtrend on the daily bar chart. The bulls' next upside
price objective is to push and close prices above solid technical and
psychological resistance at $4.00 a bushel. The next downside price objective
for the bears is to push and close prices below solid technical support at last
week's and Monday's low of $3.70 a bushel. First resistance for July corn is
seen at Monday's high of $3.84 and then at $3.90. First support is seen at
$3.75 and then at $3.70.

$8.26 

 the contract high
$3.87 3/4 --- 10-day moving average
$3.97 1/2 --- 20-day moving average
$3.93 1/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Monday closed lower, near the session low and scored a
bearish "outside day" down on the daily bar chart. The key "outside markets"
were bearish for wheat Monday as the U.S. dollar was stronger while crude oil
and U.S. stock index prices lower, amid the swine flu scare worldwide. Wheat
bears have the overall near-term technical advantage and gained some fresh
momentum Monday. The next downside price objective for the bears is pushing and
closing prices below major psychological support at $5.00. Bulls' next upside
price objective is to push and close July futures prices above solid technical
resistance at Monday's high of $5.50 1/2 a bushel. First resistance is seen at
$5.25 and then at $5.35. First support lies at Monday's low of $5.18 1/4 and
then at the March low of $5.10 3/4.

$11.44 3/4 --- the contract high
$5.30 1/4 --- 10-day moving average
$5.39 
--- 20-day moving average
$5.38 3/4 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Monday closed lower, near the session low and scored a
bearish "outside day" down on the daily bar chart. Bears still have the overall
near-term technical advantage and gained more momentum Monday. 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 $5.58 1/2. First resistance is seen
at $5.80 and then at $5.85. First support is seen at $5.70 and then at last
week's low of $5.63.

$11.35 

 the contract high
$5.78 

 10-day moving average
$5.84 1/2 --- 20-day moving average
$5.84 3/4 --- 40-day moving average
$4.60 

 the contract low