By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY CORN


  July corn on Tuesday closed higher and near mid-range. Bulls have the
near-term technical advantage in corn as prices are back near the recent highs.
Prices are also in a four-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 Tuesday's
high of $4.29 and then at last week's high of $4.34. First support is seen at
Tuesday's low of $4.20 3/4 and then at $4.16.

$8.26 

 the contract high
$4.20 3/4 --- 10-day moving average
$4.08 
--- 20-day moving average
$4.04 1/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Tuesday closed slightly lower and near mid-range.
Prices are hovering near the top of the recent trading range. Bulls and bears
are presently on a level near-term technical playing field. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at $5.48. Bulls' next upside price objective is to push and
close July futures prices above solid technical resistance at the May high of
$6.02 1/4 a bushel. First resistance is seen at Tuesday's high of $5.96 1/4 and
then at $6.00. First support lies at Tuesday's low of $5.84 and then at $5.80.

$11.44 3/4 --- the contract high
$5.84 1/4 --- 10-day moving average
$5.62 
--- 20-day moving average
$5.50 1/4 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Tuesday closed slightly lower and nearer the session low
on mild profit taking. Bulls still have the near-term technical advantage.

  Prices are in a four-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 Tuesday's high of $6.49 1/2 and then at this week's high of $6.53. First
support is seen at Tuesday's low of $6.40 and then at $6.32.

$11.35 

 the contract high
$6.32 1/2 
 10-day moving average
$6.10 1/2 --- 20-day moving average
$5.96 1/2 --- 40-day moving average
$4.60 

 the contract low