By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Monday closed nearer the session high and scored another
fresh contract high amid fresh speculative buying in a weather market in the
Corn Belt. The bulls still have upside momentum and are looking for more on the
upside in the near term. However, a decent corrective pullback soon would not
be surprising and would not likely be bearish. The next upside price objective
for the bulls is closing prices above solid technical resistance at $9.00. The
next downside price objective for the bears is closing prices below solid
support at $8.25. First resistance for July soybeans is seen at Monday's
contract high of $8.59 and then at $8.70. First support is seen at Monday's low
of $8.46 and then at $8.37.

8.59 

 the contract high
8.31 3/4 --- 10-day moving average
8.18 3/4 --- 20-day moving average
7.86 1/2 --- 40-day moving average
5.82 1/2 --- the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Monday nearer the session high and hit a fresh 3
1/2-month high. Meal bulls still have solid upside technical momentum and
gained more Monday. The next upside price objective for the bulls is producing
a close above solid chart resistance at the contract high of $245.20. The next
downside price objective for the bears is closing prices below solid support at
$225.00. First resistance comes in at Monday's high of $239.80 and then at
$242.50. First support is seen at Monday's low of $234.50 and then at $242.00.

245.20 --- the contract high
229.30 --- 10-day moving average
223.40 --- 20-day moving average
213.10 --- 40-day moving average
167.30 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices closed near mid-range. 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 36.41 cents. The bears' next downside price objective is pushing and closing
prices below solid support at 35.00 cents. First resistance is seen at Monday's
high of 36.23 cents and then at 36.41 cents. First support is seen at Monday's
low of 35.87 cents and then at 35.50 cents.

36.41 --- the contract high
35.66 --- 10-day moving average
35.55 --- 20-day moving average
34.63 --- 40-day moving average
22.50 --- the contract low