By Jim Wyckoff
   DOW JONES NEWSWIRES


  JULY CORN


  July corn on Friday closed higher, nearer the session high, at a bullish
weekly high close and closed at the highest closing level in 4 1/2 months.
Bulls 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 last week's high of $4.34 3/4
and then at $4.40. First support is seen at Friday's low of $4.23 1/2 and then
at $4.20.

$8.26 

 the contract high
$4.24 3/4 --- 10-day moving average
$4.14 1/4 --- 20-day moving average
$4.06 1/4 --- 40-day moving average
$3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Friday closed solidly higher, nearer the session high,
closed at a bullish weekly high close and hit a fresh 16-week high. Bulls have
the near-term technical advantage and gained fresh upside momentum 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 $5.63 1/4. 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
Friday's high of $6.18 and then at $6.25. First support lies at $6.00 and then
at Friday's low of $5.93.

$11.44 3/4 --- the contract high
$5.92 3/4 --- 10-day moving average
$5.71 1/2 --- 20-day moving average
$5.55 1/4 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Friday gapped higher on the daily bar chart, hit a fresh 4
1/2-month high and closed at a bullish weekly high close. Bulls have the
near-term technical advantage and gained fresh upside momentum on Friday.
Prices are in a five-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 Friday's high of $6.67 and then at $6.75. First support is seen at Friday's
low of $6.55 and then at $6.53.

$11.35 

 the contract high
$6.42 3/4 --- 10-day moving average
$6.20 1/4 
 20-day moving average
$6.02 

 40-day moving average
$4.60 

 the contract low