By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Thursday closed nearer the session low after hitting a
fresh three-month high early on. Bulls still have upside momentum after some
mild profit taking. The hotter and drier weather forecast for the eastern Corn
Belt in June is deemed bullish. The next upside price objective for the bulls
is closing prices above solid technical resistance at Thursday's high of $8.16.
The next downside price objective for the bears is closing prices below solid
support at $7.90. First resistance for July soybeans is seen at $8.10 and then
at $8.16. First support is seen at $8.00 and then at this week's low of $7.94.

8.22 --- the contract high
8.00 3/4 --- 10-day moving average
7.79 1/4 --- 20-day moving average
7.64 1/4 --- 40-day moving average
5.82 1/2 --- the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Thursday closed nearer the session high. Bulls have
regained some fresh upside technical momentum. The next upside price objective
for the bulls is producing a close above solid chart resistance at the May 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 $219.50 and then
at $223.00. First support is seen at $215.00 and then at this week's low of
$213.20.

245.20 --- the contract high
215.70 --- 10-day moving average
209.60 --- 20-day moving average
207.30 --- 40-day moving average
167.30 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Thursday closed near the session low. 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
the 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 36.05 cents and then at 36.50 cents. First support is seen at this
week's low of 35.04 cents and then at 34.50 cents.

36.05 --- the contract high
35.30 --- 10-day moving average
34.56 --- 20-day moving average
33.78 --- 40-day moving average
22.50 --- the contract low