By Jim Wyckoff
   DOW JONES NEWSWIRES


  JULY SOYBEANS


  July soybean prices Tuesday closed firmer after hitting a fresh seven-week
low early on and then recovered to close nearer the session high. Short
covering and bargain-hunting buying was featured. Still, serious near-term
chart damage has been inflicted recently to suggest a near-term market top is
in place. A V-Top reversal pattern has formed on the daily bar chart.

  The next upside price objective for the bean bulls is to push and close
prices above solid technical resistance at $13.75 a bushel. The next downside
price objective for the bears is pushing and closing prices below psychological
support at $13.00. First resistance for July soybeans is seen at Tuesday's high
of $13.33 1/2 and then at $13.50. First support is seen at $13.00 and then at
Tuesday's low of $12.80.

15.96 

 the contract high
14.09 1/2 --- 10-day moving average
14.52 1/2 --- 20-day moving average
13.92 
--- 40-day moving average
6.26 

 the contract low


  JULY SOYBEAN MEAL


  CBOT July soymeal prices Tuesday closed higher after hitting a fresh
three-month low early on and then rebounded to close nearer the session high
and score a bullish "outside day" up on the daily bar chart. Short covering and
bargain-hunting buying were featured Tuesday. Still, serious near-term chart
damage has been inflicted recently to still suggest a market top is in place.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at $343.60, which would fill on the upside a
downside price gap on the daily bar chart. The next downside price objective
for the bears is pushing prices below solid support at Tuesday's low of
$327.00. First resistance comes in at Tuesday's high of $341.50 and then at
$343.60. First support is seen at $330.00 and then at $325.00.

$394.00 --- the contract high
355.50 
 10-day moving average
367.00 
 20-day moving average
362.00 
 40-day moving average
204.00 
 the contract low


  JULY SOYBEAN OIL


  July bean oil prices on Tuesday closed lower and near the session high after
hitting a fresh four-week low early on. Still, very serious chart damage has
been inflicted recently to suggest a market top is in place. The next upside
price objective for the bean oil bulls is pushing and closing prices above
technical resistance at 62.00 cents. The bears' next downside technical price
objective is pushing and closing prices below solid support at Tuesday's low of
57.75 cents. First resistance is seen at 60.00 cents and then at 60.50 cents.
First support is seen at 58.50 cents and then at 58.00 cents.

71.32 --- the contract high
63.10 --- 10-day moving average
64.71 --- 20-day moving average
60.31 --- 40-day moving average
31.90 --- the contract low