JULY CBOT CORN, combined pit and electronic trading

July CBOT corn futures gained modestly Tuesday, boosted by cold weather in the U.S. which could cause spring planting delays. Also, on-going tensions in the Ukraine are seen supportive to corn, amid concerns grain exports could be delayed from that country.

Technically, the market remained within recent ranges on Tuesday. Very short-term, the market remains on the defensive following the April 9 bearish reversal. A strong and sustained push above initial resistance at the $5.13-$5.17 area would be needed to put the bulls back in the driver's seat. A major bullish objective lies at $5.24 1/4, the April 9 high.

Overall, the medium term technical trend is bullish. But, a more consolidative tone has gripped market action in recent weeks. Initial support lies at $5.03, with the next zone of support at $4.99 3/4-$4.95 3/4.

$6.76 -- the contract high

$5.07 -- the 10-day moving average

$5.00 3/4 -- the 20-day moving average

$4.89 1/2 -- the 40-day moving average

$4.21 3/4 -- the contract low

JULY CBOT WHEAT, combined pit and electronic trading

July CBOT wheat posted a strong rally move closing out Tuesday's session with significant gains. Concerns that cold, dry weather could curb U.S. production helped boost the market. Also, traders continue to monitor the Ukrainian situation, where farmers may be reluctant to sell their wheat amid declining currency values.

Technically, Tuesday's rally is a positive chart signal. The market had been in a corrective pullback phase from March 20 to April 11, but Tuesday's action suggests the correction is over. Major support now comes in well below the market at the $6.63 3/4 low, hit on April 11.

Daily momentum studies have turned higher from at or near oversold levels, which is a positive technical signal. Looking at moving averages, July wheat is trading above all significant moving averages from the 10-day to the 200-day, which is a positive trend following signal.

On the upside, a major bullish target lies at $7.25 1/4, the March 20 high. On the downside, nearby support lies at $7.01 and then $6.94.

Hourly momentum is overbought, which could lead to a little backing and filling short-term. But, overall the bulls have the technical edge.

$8.57 3/4 -- the contract high

$6.81 3/4 -- the 10-day moving average

$6.93 1/2 -- the 20-day moving average

$6.68 3/4 -- the 40-day moving average

$5.57 1/4 -- the contract low

JULY KC WHEAT, combined pit and electronic trading

July Kansas wheat surged sharply higher. The action appears to be impulsive in nature and suggests a resumption of the bull trend which drove prices sharply higher throughout the first quarter. The April 11 low at $7.23 1/4 stands as major support and the likely bottom of the recent correction pullback. On the upside, the bulls are targeting a retest of the $7.94 1/2 ceiling.

$8.67 -- the contract high

$7.43 3/4 -- the 10-day moving average

$7.59 1/4 -- the 20-day moving average

$7.31 -- the 40-day moving average

$5.99 -- the contract low