By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Thursday gapped higher on the daily bar chart, hit a
fresh four-week high and closed solidly higher and near mid-range. Soybeans
bucked the trend of the other grains Thursday amid fresh Chinese demand for
U.S. soybeans and fresh fund buying as prices pushed and closed above key
technical levels. A five-week-old downtrend on the daily bar chart was negated
Thursday, and prices also pushed above a key Fibonacci resistance level. The
next upside price objective for the bean bulls is to push and close prices
above psychological resistance at $14.00 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $13.38 3/4, which would fill on the downside Thursday's upside price
gap. First resistance for July soybeans is seen at Thursday's high of $13.96
1/2 and then at $14.00. First support is seen at $13.50 and then at Thursday's
low of $13.43.

15.96 

 the contract high
12.80 3/4 --- 10-day moving average
13.01 3/4 --- 20-day moving average
13.80 3/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Thursday closed near mid-range and did hit a fresh
two-week high. Prices are still in a choppy five-week-old downtrend on the
daily bar chart. The next upside price objective for the bulls is to produce a
close above solid technical resistance at the last "reaction high" of $368.00.
The next downside price objective for the bears is pushing and closing prices
below solid support at $335.00. First resistance comes in at Thursday's high of
$360.70 and then at $363.00. First support is seen at $350.00 and then at
$346.50.

$394.00 --- the contract high
$338.30 --- 10-day moving average
$339.40 --- 20-day moving average
$355.50 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Thursday gapped higher on the daily bar chart, closed
sharply higher and nearer the session high and hit a fresh three-week high. A
five-week-old downtrend on the daily bar chart was soundly negated Thursday and
the bulls have fresh upside technical momentum. The next upside price objective
for the bean oil bulls is pushing and closing prices above solid technical
resistance at 62.00 cents. The bears' next downside technical price objective
is pushing and closing prices below solid support at 59.07 cents, which would
fill on the downside Thursday's upside price gap on the daily bar chart. First
resistance is seen at Thursday's high of 61.28 cents and then at 61.50 cents.
First support is seen at 60.60 cents and then at 60.00 cents.

71.32 --- the contract high
56.32 --- 10-day moving average
57.53 --- 20-day moving average
61.00 --- 40-day moving average
31.90 --- the contract low