DOW JONES NEWSWIRES


  JULY CORN


  July corn on Friday closed weaker and near mid-range on profit  taking. The
key "outside markets" were mostly bearish for the  corn futures market Friday,
as the U.S. stock indexes were  steady-weaker, crude oil prices were
steady-weaker and the U.S. dollar was sharply higher. Corn bulls still have the
near-term  technical advantage. Prices are still in a six-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  $4.85 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 $4.21 3/4 a bushel. First resistance
for July corn  is seen at last week's high of $4.50 and then at $4.55. First
support is seen at Friday's low of $4.40 and then at $4.35.

  $8.26 

 the contract high

  $4.36 3/4 --- 10-day moving average

  $4.30 1/2 --- 20-day moving average

  $4.12 3/4 --- 40-day moving average

  $3.15 3/4 --- the contract low


  JULY CBOT WHEAT


  July Chicago wheat on Friday closed lower and nearer the session  low. The
key "outside markets" were mostly bearish for the wheat  futures market Friday,
as the U.S. stock indexes were  steady-weaker, crude oil prices were
steady-weaker and the U.S.  dollar was sharply higher. Wheat futures bulls do
still have the  near-term technical advantage. The next downside price
objective  for the bears is pushing and closing prices below solid technical
support at $6.00. Bulls' next upside price objective is to push  and close July
futures prices above solid technical resistance at  this week's high of $6.77 a
bushel. First resistance is seen at  Friday's high of $6.39 1/2 and then at
$6.50. First support lies  at Friday's low of $6.21 and then at last week low
of $6.14 1/4.


  $11.44 3/4 --- the contract high

  $6.33 3/4 --- 10-day moving average

  $6.21 1/4 --- 20-day moving average

  $5.75 1/4 --- 40-day moving average

  $4.48 

 the contract low


  JULY KCBT WHEAT


  July KCBT wheat on Friday closed lower and near the session low.  Bulls still
have the near-term technical advantage but are  fading.. The bulls' next upside
price objective is pushing prices  above solid technical resistance at last
week's high of $7.27.  The bears' next downside objective is pushing prices
below solid  technical support at $6.50. First resistance is seen at Friday's
high of $6.83 and then at $7.00. First support is seen at last  week's low of
$6.69 and then at $6.50.


  $11.35 

 the contract high

  $6.84 3/4 --- 10-day moving average

  $6.62 1/2 --- 20-day moving average

  $6.23 3/4 --- 40-day moving average

  $4.60 

 the contract low