By Jim Wyckoff

  DOW JONES NEWSWIRES


  JULY SOYBEANS


  July soybeans on Tuesday closed higher and near the session high, scored a
bullish "outside day" up on the daily bar chart and closed at a fresh 7.5-month
high close. The key "outside markets" were mostly bullish for soybeans Tuesday,
as the U.S. stock indexes were sharply higher and crude oil prices turned
higher as the session wore on. Bulls still have the solid near-term technical
advantage. Prices are in a three-month-old uptrend on the daily bar chart. The
next upside price objective for the bean bulls is to push and close prices
above psychological resistance at $12.00 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid support at
$11.00 a bushel. First resistance for July soybeans is seen at last week's high
of $11.87 1/2 and then at $12.00. First support is seen at $11.75 and then at
$11.64.

$16.50 

 the contract high
$11.52 3/4 --- 10-day moving average
$11.16 3/4 --- 20-day moving average
$10.60 1/4 --- 40-day moving average
$6.85 

 the contract low


  JULY SOYBEAN MEAL


  July soybean meal on Tuesday closed solidly higher and near the session high,
scored a bullish "outside day" up on the daily bar chart and hit a fresh
8.5-month high. Bulls have the solid near-term technical advantage and gained
more power Tuesday. However, the market is still short-term overbought,
technically, and due for a pullback soon. The next upside price objective for
the bulls is to produce a close above solid technical resistance at $400.00.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at $365.00. First resistance comes in Tuesday's
high of at $390.00 and then at $395.00. First support is seen at last week's
low of $383.80 and then at $380.00.

$435.50 --- contract high
$367.90 --- 10-day moving average
$351.90 --- 20-day moving average
$329.60 --- 40-day moving average
$203.30 --- the contract low


  JULY SOYBEAN OIL


  July soybean oil on Tuesday closed lower and nearer the session high after
hitting a fresh four-week low early on. The key "outside markets" were mostly
bullish for bean oil Tuesday, as the U.S. stock indexes were sharply higher and
crude oil prices turned higher as the session wore on. Yet the failure of bean
oil to rally is a bearish clue. Bulls still have the slight near-term technical
advantage, but are fading and need to show fresh power soon. The next upside
price objective for the bean oil bulls is pushing and closing prices above
solid technical resistance at the May high of 40.20 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at 36.00 cents. First resistance is seen at Tuesday's high of
38.32 cents and then at 38.51 cents. First support is seen at 37.65 cents and
then at last week's low of 37.30 cents.

71.90 --- the contract high
38.41 --- 10-day moving average
38.12 --- 20-day moving average
36.93 --- 40-day moving average
29.23 --- the contract low