By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Thursday closed near the session high
and set another fresh contract and all-time high. Corn bulls still have the
solid near-term technical advantage, amid no early technical clues that a
market top is close at hand. However, the market is short-term overbought and
at least a downside price correction is due soon. The corn bulls' next upside
price objective is to push and close prices above resistance at $6.25. The next
downside price objective for the bears is to push and close prices below solid
support at $5.91 1/2. First resistance for July corn is seen at Thursday's
contract high of $6.15 and then at $6.20. First support is seen at Thursday's
low of $6.04 and then at $6.00.

6.15 

 the contract high
5.72 1/4 --- 10-day moving average
5.70 1/4 --- 20-day moving average
5.58 1/2 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Thursday closed firmer and near mid-range in quieter
trading. The wheat market is still technically near-term bearish. Prices are
still in a three-week-old downtrend on the daily bar chart. The bulls' next
upside price objective is to push and close July futures prices above major
psychological resistance at $10.00 a bushel. The next downside price objective
for the bears is pushing and closing prices below solid support at this week's
low of $9.05 a bushel. First resistance is seen at Thursday's high of $9.65 and
then at $9.72. First support lies at Thursday's low of $9.42 and then at $9.31
1/2.

12.72 3/4 --- the contract high
9.87 1/4 
- 10-day moving average
10.61 1/2 --- 20-day moving average
10.28 3/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Thursday closed firmer and near mid-range on
more short covering and bargain-hunting buying. A three-week-old downtrend is
still in place on the daily bar chart. The bulls' next upside price objective
is pushing and closing prices above solid technical resistance at $10.75 a
bushel. The bears' next downside objective is pushing and closing prices below
solid support at this week's low of $9.55. First resistance is seen at
Thursday's high of $10.15 and then at $10.25. First support is seen at
Thursday's low of $9.91 and then at $9.75.

13.00 

 the contract high
10.28 1/2 --- 10-day moving average
11.06 1/4 --- 20-day moving average
10.92 1/4 --- 40-day moving average
4.36 

 the contract low