By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Monday closed solidly lower and nearer the session low
and scored a bearish "outside day" down on the daily bar chart. Prices are
still in a five-week-old downtrend 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 Monday's high of $13.11 a bushel. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at $12.50. First resistance for July soybeans is seen at
$12.90 and then at $13.00. First support is seen at Monday's low of $12.64 and
then at $12.50.

15.96 

 the contract high
12.86 3/4 --- 10-day moving average
13.15 3/4 --- 20-day moving average
13.83 1/2 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Monday closed lower and nearer the session low.
Prices are in a choppy five-week-old downtrend on the daily bar chart. The next
upside price objective for the bulls is to produce a close above solid
technical resistance at last week's high of $341.50. The next downside price
objective for the bears is pushing and closing prices below solid support at
$325.00. First resistance comes in at $335.00 and then at $338.00. First
support is seen at $330.00 and then at Monday's low of $328.50.

$394.00 --- the contract high
340.90 --- 10-day moving average
340.90 --- 20-day moving average
356.90 --- 40-day moving average
204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Monday closed lower and near the session low after
hitting a fresh two-week high early on. A five-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 Monday's high
of 58.48 cents. The bears' next downside technical price objective is pushing
and closing prices below solid support at 55.00 cents. First resistance is seen
at 57.50 cents and then at 58.00 cents. First support is seen at Monday's low
of 56.55 cents and then at 56.00 cents.

71.32 --- the contract high
56.23 --- 10-day moving average
58.20 --- 20-day moving average
60.85 --- 40-day moving average
31.90 --- the contract low