By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY CORN


  July corn on Tuesday closed weaker and near mid-range and were pressured on
mild profit taking. Losses were limited by key "outside markets" that were
mostly bullish for corn Tuesday, as the U.S. stock indexes were sharply higher
and crude oil prices turned higher as the session wore on. Corn bulls still
have the near-term technical advantage in corn. Prices are still in a
five-week-old uptrend on the daily bar chart. However, prices have been trading
sideways at higher levels now for two weeks. 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 last week's
low of $4.06 1/4 a bushel. First resistance for July corn is seen a $4.31 and
then at last week's high of $4.34 3/4. First support is seen at Tuesday's low
of $4.21 3/4 and then at $4.17 1/4.

$8.26 

 the contract high
$4.25 1/2 --- 10-day moving average
$4.16 1/2 --- 20-day moving average
$4.07 
--- 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 and
did hit a fresh four-month high. Bulls still have the near-term technical
advantage after producing a bullish weekly high close last 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 Tuesday's high of
$6.19 3/4 and then at $6.25. First support lies at Tuesday's low of $6.02 1/2
and then at $5.93.

$11.44 3/4 --- the contract high
$5.94 3/4 --- 10-day moving average
$5.76 1/4 --- 20-day moving average
$5.57 3/4 --- 40-day moving average
$4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Monday closed firmer and near mid-range and closed at a
fresh 4.5-month high close. Bulls have the near-term technical advantage.
Prices are still 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 the April high of $6.26. First
resistance is seen at Tuesday's high of $6.67 and then at $6.75. First support
is seen at Tuesday's low of $6.55 3/4 and then at $6.50.

$11.35 

 the contract high
$6.45 3/4 --- 10-day moving average
$6.24 3/4 
 20-day moving average
$6.04 1/2 --- 40-day moving average
$4.60 

 the contract low