By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY CORN


  July corn on Thursday closed firmer and nearer the session high and closed at
a fresh four-month high close. Bulls still have the near-term technical
advantage in corn. Prices are in a steep three-week-old uptrend on the daily
bar chart. The bulls' next upside price objective is to push and close prices
above solid technical resistance at the January high of $4.49 1/4 a bushel. The
next downside price objective for the bears is to push and close prices below
solid technical support at $4.00 a bushel. First resistance for July corn is
seen at $4.30 and then at this week's high of $4.34. First support is seen at
$4.25 and then at $4.20.

$8.26 

 the contract high
$4.16 3/4 --- 10-day moving average
$4.02 1/4 --- 20-day moving average
$4.03 1/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Thursday closed firmer and nearer the session high.
Bulls still have some near-term upside momentum on their side and would gain
more by producing a bullish weekly high close on Friday. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at last week's low of $5.48. Bulls' next upside price
objective is to push and close July futures prices above solid technical
resistance at $6.35 a bushel. First resistance is seen at Thursday's high of
$5.95 1/2 and then at this week's high of $6.02 1/4. First support lies at
$5.83 3/4 and then at this week's low of $5.79 1/4.

$11.44 3/4 --- the contract high
$5.76 

 10-day moving average
$5.52 3/4 --- 20-day moving average
$5.48 1/2 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Thursday closed firmer, nearer the session high and closed
at a fresh 3.5-month high close. Bulls have the near-term technical advantage.
Prices are in a steep three-week-old uptrend on the daily bar chart. The bulls'
next upside price objective is pushing prices above solid technical resistance
at the January high of $6.92. The bears' next downside objective is pushing and
closing prices below solid technical support at $6.00. First resistance is seen
at this week's high of $6.44 3/4 and then at $6.50. First support is seen at
Thursday's low of $6.32 and then at this week's low of $6.24.

$11.35 

 the contract high
$6.21 3/4 --- 10-day moving average
$6.00 1/2 --- 20-day moving average
$5.94 3/4 --- 40-day moving average
$4.60 

 the contract low