By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Wednesday closed sharply higher and nearer the session
high and traded limit up for a while. Traders ignored a mildly bearish USDA
report issued Wednesday morning. More importantly, the key "outside" markets
aligned in bullish formation Wednesday and traded strongly higher in crude oil
and gold and sharply lower for the value of the U.S. dollar. These outside
markets will continue to have a major influence in the grains. Prices are still
in a five-week-old downtrend on the daily bar chart, but a strong up day on
Thursday would likely negate that downtrend. The next upside price objective
for the bean bulls is to push and close prices above solid technical resistance
at the last "reaction high" of $13.72 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $13.00. First resistance for July soybeans is seen at Wednesday's
high of $13.38 3/4 and then at $13.50. First support is seen at $13.11 and then
at $13.00.

15.96 

 the contract high
12.77 3/4 --- 10-day moving average
13.03 1/2 --- 20-day moving average
13.80 1/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Wednesday closed sharply higher and near the session
high and hit a fresh two-week high. Prices are still 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 the last "reaction
high" of $368.00. The next downside price objective for the bears is pushing
and closing prices below solid support at Wednesday's low of $334.50. First
resistance comes in at Wednesday's high of $352.50 and then at $356.00. First
support is seen at $350.00 and then at $346.50.

$394.00 --- the contract high
$338.00 --- 10-day moving average
$339.30 --- 20-day moving average
$355.60 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Wednesday closed sharply higher and nearer the session
high and hit a fresh two-week high. A five-week-old downtrend is still in place
on the daily bar chart, but a strong up day on Thursday would likely negate
that downtrend. The next upside price objective for the bean oil bulls is
pushing and closing prices above solid technical resistance at 60.00 cents. The
bears' next downside technical price objective is pushing and closing prices
below solid support at this week's low of 56.05 cents. First resistance is seen
at Wednesday's high of 59.07 cents and then at 59.50 cents. First support is
seen at 58.48 cents and then at 58.00 cents.

71.32 --- the contract high
56.05 --- 10-day moving average
57.63 --- 20-day moving average
60.90 --- 40-day moving average
31.90 --- the contract low