By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY SOYBEANS


  July soybeans on Tuesday closed lower and near the session low and closed at
a fresh four-week low close. Bears have gained fresh downside near-term
technical momentum this week. The next upside price objective for the bean
bulls is to push and close prices above solid technical resistance at $10.40 a
bushel. The next downside price objective for the bears is pushing and closing
prices below solid chart support at $9.50 a bushel. First resistance for July
soybeans is seen at $10.00 and then at Tuesday's high of $10.10 1/4. First
support is seen at this week's low of $9.75 1/4 and then at $9.50.

$16.50 

 the contract high
$10.25 1/4 --- 10-day moving average
$10.07 3/4 --- 20-day moving average
$9.54 3/4 --- 40-day moving average
$6.85 

 the contract low


  JULY SOYBEAN MEAL


  July soybean meal on Tuesday closed lower and near the session low and closed
at a fresh three-week low close. Bears have gained fresh downside near-term
technical momentum this week. The next upside price objective for the bulls is
to produce a close above solid technical resistance at $320.00. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $298.70. First resistance comes in at $305.00 and
then at $307.50. First support is seen at Tuesday's low of $303.00 and then at
$300.00.

$435.50 --- contract high
$315.50 --- 10-day moving average
$308.70 --- 20-day moving average
$293.20 --- 40-day moving average
$203.30 --- the contract low


  JULY SOYBEAN OIL


  July soybean oil on Tuesday closed lower and near the session low and closed
at a fresh three-week low close. Bears this week have regained fresh downside
near-term technical momentum. The next upside price objective for the bean oil
bulls is pushing and closing prices above solid technical resistance at the
April high of 37.65 cents. Bean oil bears' next downside technical price
objective is pushing and closing prices below solid technical support at 34.71
cents. First resistance is seen at 35.50 cents and then at 36.00 cents. First
support is seen at Tuesday's low of 35.11 cents and then at this week's low of
34.87 cents.

71.90 --- the contract high
36.41 --- 10-day moving average
35.89 --- 20-day moving average
33.85 --- 40-day moving average
29.23 --- the contract low


  -By Jim Wyckoff, contributing to Dow Jones Newswires