By Jim Wyckoff
   DOW JONES NEWSWIRES


  JULY CORN


  Chicago Board of Trade July corn prices Tuesday closed higher and near the
session high on some bargain-hunting buying after the limit-down move on Monday
and on a recovery in the U.S. stock market. No serious near-term chart damage
has occurred recently.

  The corn bulls' next upside price objective is to push and close prices above
solid technical resistance at $5.70. The next downside price objective for the
bears is to push and close prices below solid support at Tuesday's low of
$5.49. First resistance for July corn is seen at Tuesday's high of $5.61 3/4
and then at $5.65. First support is seen at $5.55 and then at $5.49.

5.91 
--- the contract high
5.72 1/4 --- 10-day moving average
5.65 3/4 --- 20-day moving average
5.44 1/2 --- 40-day moving average
2.65 
--- the contract low


  JULY CBOT WHEAT


  CBOT July wheat prices Tuesday closed higher and near the session high. Short
covering and bargain-hunting buying were featured today after the limit-down
close on Monday. No serious chart has damage occurred in wheat recently.
However, the higher volatility at higher price levels does warn of a topping
process.

  The bulls' next upside price objective is to push and close July futures
prices above strong technical resistance at $11.65 a bushel. The next downside
price objective for the bears is pushing and closing prices below solid support
at Tuesday's low of $10.94 a bushel. First resistance is seen at $11.50 and
then at $11.65. First support lies at $11.15 and then at $11.00.

12.72 3/4 --- the contract high
11.35 1/2 --- 10-day moving average
10.83 3/4 --- 20-day moving average
9.99 

 40-day moving average
3.72 

 the contract low


  JULY KCBT WHEAT


  July Kansas City wheat Tuesday closed higher and near the session high. Short
covering and bargain-hunting buying were featured. There is still the specter
of a bearish double-top reversal pattern forming on the daily bar chart.

  The bulls' next upside price objective is pushing and closing prices above
psychological resistance at $12.00 a bushel. The bears' next downside objective
is pushing and closing prices below psychological support at $11.00. First
resistance is seen at $12.00 and then at this week's high of $12.25. First
support is seen at Tuesday's low of $11.40 and then at $11.25.

13.00 

 the contract high
11.88 1/4 --- 10-day moving average
11.48 3/4 --- 20-day moving average
10.69 3/4 --- 40-day moving average
4.36 

 the contract low