By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY CORN


  July corn on Monday closed lower and nearer the session low and scored a
bearish "outside day" down on the daily bar chart. Prices hit a fresh 3.5-month
high early on. The bulls' next upside price objective is to push and close
prices above solid technical resistance at Monday's high of $4.18 a bushel. The
next downside price objective for the bears is to push and close prices below
solid technical support at $3.85 a bushel. First resistance for July corn is
seen at $4.08 and then at $4.14. First support is seen at $4.00 and then at
$3.96.

$8.26 

 the contract high
$3.93 

 10-day moving average
$3.95 3/4 --- 20-day moving average
$3.97 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Monday closed lower and near the session low and took
back most of Friday's solid gains. Bulls on Friday did gain fresh upside
near-term technical momentum, but quickly lost it Monday. Wheat bears do 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 the March low of $5.10 3/4. Bulls' next upside price objective is to
push and close July futures prices above solid technical resistance at the
April high of $5.65 a bushel. First resistance is seen at $5.61 and then at
today's high of $5.71 1/4. First support lies at Monday's low of $5.46 1/2 and
then at $5.40.

$11.44 3/4 --- the contract high
$5.36 1/2 --- 10-day moving average
$5.37 1/4 --- 20-day moving average
$5.40 3/4 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Monday closed lower, nearer the session low and took back
most of Friday's big gains. Bears still have the overall near-term technical
advantage. The bulls' next upside price objective is pushing prices above solid
technical resistance at the April high of $6.26. The bears' next downside
objective is pushing and closing prices below solid technical support at $5.70.
First resistance is seen at $6.00 and then at $6.08. First support is seen at
Monday's low of $5.93 and then at $5.85.

$11.35 

 the contract high
$5.85 3/4 --- 10-day moving average
$5.84 3/4 --- 20-day moving average
$5.87 3/4 --- 40-day moving average
$4.60 

 the contract low