By Jim Wyckoff
   DOW JONES NEWSWIRES

   JULY CORN


  July corn on Thursday closed weaker and near mid-range and was pressured on
profit taking. Losses were limited by a weaker U.S. dollar and solid weekly
USDA export sales for corn. Bulls still have the near-term technical advantage
in corn. Prices are still 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
Thursday's high of $4.29 and then at this week's high of $4.34 3/4. First
support is seen at $4.20 and then at Thursday's low of $4.17 1/4.

$8.26 

 the contract high
$4.23 3/4 --- 10-day moving average
$4.11 3/4 --- 20-day moving average
$4.05 1/2 --- 40-day moving average
$3.15 3/4 --- the contract low

JULY CBOT WHEAT


  July Chicago wheat on Thursday closed weaker and nearer the session low on
profit-taking pressure and amid a poor weekly USDA export sales report for
wheat. Bulls still have the slight near-term technical advantage. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at this week's low of $5.63 1/4. The bulls' next upside
price objective is to push and close July futures prices above solid technical
resistance at $6.34 1/4 a bushel. First resistance is seen at $6.00 and then at
this week's high of $6.04 3/4 and then at $6.10. First support lies at
Thursday's low of $5.84 1/2 and then at $5.75.

$11.44 3/4 --- the contract high
$5.90 1/2 --- 10-day moving average
$5.68 1/4 --- 20-day moving average
$5.53 1/4 --- 40-day moving average
$4.48 

 the contract low

   JULY KCBT WHEAT


  July KCBT wheat on Thursday closed weaker and near mid-range on profit-taking
pressure. Bulls still have the near-term technical advantage. Prices are still
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 $6.10. First resistance is seen at Thursday's
high of $6.53 and then at this week's high of $6.59. First support is seen at
Thursday's low of $6.40 and then at $6.35.

$11.35 

 the contract high
$6.40 

- 10-day moving average
$6.16 3/4 
 20-day moving average
$5.99 3/4 --- 40-day moving average
$4.60 

 the contract low