By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Thursday closed higher and near the session high on more
short covering and bargain-hunting buying interest. Prices are still in a
five-week-old downtrend on the daily bar chart but the bulls have regained some
fresh technical momentum and a bullish weekly high close on Friday would
provide the bulls with better near-term technical momentum. The next upside
price objective for the bean bulls is to push prices above psychological and
trend-line technical resistance at $13.00 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $12.22. First resistance for July soybeans is seen at Thursday's
high of $12.77 and then at $13.00. First support is seen at Thursday's low of
$12.50 and then at $12.22.

15.96 

 the contract high
12.79 1/2 --- 10-day moving average
13.32 

 20-day moving average
13.87 1/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Thursday closed firmer and near mid-range in quieter
trading. The next upside price objective for the bulls is to produce a close
above solid technical resistance at $351.50, which is the top of a downside
price gap on the daily bar chart. The next downside price objective for the
bears is pushing prices below solid support at $325.00. First resistance comes
in at Thursday's high of $338.00 and then at $340.00. First support is seen at
Thursday's low of $332.00 and then at $330.00.

$394.00 --- the contract high
338.80 --- 10-day moving average
343.80 --- 20-day moving average
358.40 --- 40-day moving average
204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Thursday closed higher and near the session high on
short covering and bargain-hunting buying. A four-week-old downtrend is still
in place on the daily bar chart. The next upside price objective for the bean
oil bulls is pushing and closing prices above technical resistance at 57.50
cents, which would fill on the upside a downside price gap on the daily bar
chart. The bears' next downside technical price objective is pushing and
closing prices below solid support at 53.00 cents. First resistance is seen at
56.50 cents and then at 57.00 cents. First support is seen at Thursday's low of
55.05 cents and then at 54.82 cents.

71.32 --- the contract high
56.01 --- 10-day moving average
59.01 --- 20-day moving average
60.82 --- 40-day moving average
31.90 --- the contract low