By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY CORN


  July corn on Tuesday closed firmer and nearer the session high again on short
covering. Prices are still 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 this week's low of $3.70 a bushel. First resistance
for July corn is seen at Tuesday's high of $3.86 and then at $3.90. First
support is seen at $3.80 and then at Tuesday's low of $3.76 3/4.

$8.26 

 the contract high
$3.85 3/4 --- 10-day moving average
$3.96 3/4 --- 20-day moving average
$3.93 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Tuesday closed firmer and near the session low and saw
tepid short covering in a bear market. Wheat bears have the overall near-term
technical advantage. Prices have been trading sideways at lower price levels
for two months. 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 this week's high of $5.50 1/2 a bushel. First resistance is seen
at Tuesday's high of $5.29 3/4 and then at $5.38. First support lies at
Tuesday'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
$5.28 3/4 --- 10-day moving average
$5.38 3/4 --- 20-day moving average
$5.38 3/4 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Tuesday closed slightly higher 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 $5.96. 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
$5.77 3/4 --- 10-day moving average
$5.84 3/4 --- 20-day moving average
$5.85 
--- 40-day moving average
$4.60 

 the contract low