By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY SOYBEANS


  July soybeans on Monday closed higher and near mid-range and did hit a fresh
seven-month high. Bulls have solid upside near-term technical momentum. The
next upside price objective for the bean bulls is to push and close prices
above solid technical resistance at $11.50 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid support at
$10.50 a bushel. First resistance for July soybeans is seen at Monday's high of
$11.27 and then at $11.50. First support is seen at Monday's low of $10.85 and
then at $10.64 1/2.

$16.50 

 the contract high
$10.39 1/4 --- 10-day moving average
$10.27 3/4 --- 20-day moving average
$9.75 3/4 --- 40-day moving average
$6.85 

 the contract low


  JULY SOYBEAN MEAL


  July soybean meal on Monday closed higher and near mid-range and hit a fresh
seven-month high. Bears have solid upside near-term technical momentum.
However, the market is short-term overbought, technically. The next upside
price objective for the bulls is to produce a close above solid technical
resistance at $375.00. The next downside price objective for the bears is
pushing and closing prices below solid technical support at $320.00. First
resistance comes in at Monday's high of $350.70 and then at $355.00. First
support is seen at $340.00 and then at Monday's low of $337.50.

$435.50 --- contract high
$322.60 --- 10-day moving average
$316.60 --- 20-day moving average
$300.50 --- 40-day moving average
$203.30 --- the contract low


  JULY SOYBEAN OIL


  July soybean oil on Monday closed higher and near mid-range and did hit a
fresh nearly seven-month high. Fresh speculative buying interest was featured
Monday. Bulls have gained solid upside near-term technical momentum. The key
"outside markets" were bullish for live cattle Monday--higher crude oil and
stock index futures prices, and a lower U.S. dollar. The next upside price
objective for the bean oil bulls is pushing and closing prices above solid
technical resistance at 40.00 cents. Bean oil bears' next downside technical
price objective is pushing and closing prices below solid technical support at
36.00 cents. First resistance is seen at 38.50 cents and then at today's high
of 39.10 cents. First support is seen at Monday's low of 37.40 cents and then
at 37.00 cents.

71.90 --- the contract high
36.52 --- 10-day moving average
36.36 --- 20-day moving average
34.45 --- 40-day moving average
29.23 --- the contract low