By Jim Wyckoff
    DOW JONES NEWSWIRES


  JULY SOYBEANS

  July soybeans on Monday closed firmer and nearer the session high and hit a
fresh eight-month high. The key "outside markets" were mostly bearish for the
soybean futures market Monday, as the U.S. stock indexes were lower, crude oil
prices were steady-weaker and the U.S. dollar was firmer.

  However, traders view the fundamentals in soybeans as fully bullish and are
expecting a very bullish USDA supply and demand report to be issued on
Wednesday morning. Bean bulls 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 major psychological resistance at $13.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid support at last week's low of $11.77 a bushel. First resistance for July
soybeans is seen at Monday's high of $12.39 3/4 and then at $12.50.

  First support is seen at $12.25 and then at Monday's low of $12.16.

   $16.50 

 the contract high
   $12.03 1/4 --- 10-day moving average
   $11.74 1/2 --- 20-day moving average
   $11.12 1/2 --- 40-day moving average
   $6.85 

 the contract low


  JULY SOYBEAN MEAL

  July soybean meal on Monday closed higher and nearer the session high and hit
another fresh 10.5-month high. Meal bulls have the solid near-term technical
advantage. Prices are still in a three-month-old uptrend on the daily bar
chart. The next upside price objective for the bulls is to produce a close
above solid technical resistance at $415.00. The next downside price objective
for the bears is pushing and closing prices below solid technical support at
last week's low of $378.00. First resistance comes in at Monday's high of
$403.90 and then at $405.00. First support is seen at $400.00 and then at
Monday's low of $394.90.

   $435.50 --- contract high
   $389.70 --- 10-day moving average
   $376.50 --- 20-day moving average
   $350.40 --- 40-day moving average
   $203.30 --- the contract low

   JULY SOYBEAN OIL

  July soybean oil on Monday closed weaker and nearer the session low. The key
"outside markets" were mostly bearish for the bean oil futures market Monday,
as the U.S. stock indexes were lower, crude oil prices were steady-weaker and
the U.S. dollar was firmer. Bean oil bulls still have the overall near-term
technical advantage. Prices are still in a 2.5-month-old uptrend on the daily
bar chart. The next upside price objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at 42.50 cents. Bean oil
bears' next downside technical price objective is pushing and closing prices
below solid technical support at 36.75 cents. First resistance is seen at
Monday's high of 39.93 cents and then at 40.34 cents. First support is seen at
Monday's low of 39.16 cents and then at 39.00 cents.

   71.90 --- the contract high
   39.21 --- 10-day moving average
   38.90 --- 20-day moving average
   37.98 --- 40-day moving average
   29.23 --- the contract low