By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Tuesday closed near the session low on profit-taking
pressure from recent strong gains. No chart damage occurred Tuesday, but the
bulls do not want to see strong follow-through selling on Wednesday, which
could produce near-term chart damage. The next upside price objective for the
bulls is closing prices above solid technical resistance at last week's high of
$8.13. The next downside price objective for the bears is closing prices below
solid support at $7.85. First resistance for July soybeans is seen at $8.00 and
then at $8.05. First support is seen at $7.95 and then at $7.90.

8.22 --- the contract high
7.96 1/2 --- 10-day moving average
7.73 3/4 --- 20-day moving average
7.62 3/4 --- 40-day moving average
5.82 1/2 --- the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Tuesday gapped lower on the daily bar chart and
closed nearer the session low on some profit-taking pressure from recent gains.
No serious chart damage occurred Tuesday. The next upside price objective for
the bulls is producing a close above solid chart resistance at last week's high
of $219.50. The next downside price objective for the bears is closing prices
below solid support at $211.00. First resistance comes in at Tuesday's high of
$217.20 and then at $218.00. First support is seen at Tuesday's low of $214.00
and then at $212.00.

245.20 --- the contract high
214.50 --- 10-day moving average
208.20 --- 20-day moving average
207.40 --- 40-day moving average
167.30 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Tuesday closed near the session low on profit-taking
pressure and on the sharp drop in crude oil prices. No serious chart damage
occurred Tuesday. Bean oil bulls still have the solid near-term technical
advantage. The next upside price objective for the bulls is pushing prices
above solid technical resistance at last Friday's contract high of 36.05 cents.
The bears' next downside price objective is pushing and closing prices below
solid support at 34.00 cents. First resistance is seen at 35.50 cents and then
at Tuesday's high of 35.90 cents. First support is seen at 35.00 cents and then
at 34.50 cents.

36.05 --- the contract high
35.11 --- 10-day moving average
34.36 --- 20-day moving average
33.64 --- 40-day moving average
22.50 --- the contract low