By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Monday closed lower and near the
session low and were pressured by profit taking from recent gains. Monday's
weakness in the grains, despite strong gains in key "outside markets" crude oil
and gold, is a bearish near-term omen for the grains. Corn bulls do still have
the near-term technical advantage, amid still no early technical clues that a
market top is close at hand. My bias is that the upside is limited in corn, at
present, with prices trading above $6.00 a bushel. The corn bulls' next upside
price objective is to push and close prices above resistance at the contract
high of $6.15. 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 $6.10 and then at Monday's high of $6.13 1/4. First support is seen
at $6.00 and then at $5.91 1/2.

6.15 

 the contract high
5.88 

 10-day moving average
5.74 1/4 --- 20-day moving average
5.62 3/4 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Monday closed sharply lower and near the session low
as bears reaffirmed that prices are still in a four-week-old downtrend on the
daily bar chart. The wheat market is still technically near-term bearish. 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 last week's low of $9.05 a bushel. First resistance is seen at $9.50 and
then at $9.72. First support lies at Monday's low of $9.35 and then at $9.05.

12.72 3/4 --- the contract high
9.79 1/4 
- 10-day moving average
10.50 1/2 --- 20-day moving average
10.29 

 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Monday closed sharply lower and nearer the
session low. A four-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 last week's high of $10.50 a bushel. The
bears' next downside objective is pushing and closing prices below solid
support at last week's low of $9.55. First resistance is seen at $10.00 and
then at $10.25. First support is seen at Monday's low of $9.81 and then at
$9.75.

13.00 

 the contract high
10.23 

 10-day moving average
10.94 3/4 --- 20-day moving average
10.90 1/4 --- 40-day moving average
4.36 

 the contract low