By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Monday closed near the session high and closed at a fresh
four-week high close. Bulls have regained solid upside technical momentum
recently. The next upside price objective for the bean bulls is to push and
close prices above psychological resistance at $14.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $13.38 3/4, which would fill on the downside an
upside price gap on the daily bar chart. First resistance for July soybeans is
seen at last week's high of $13.96 1/2 and then at $14.00. First support is
seen at Monday's low of $13.68 and then at $13.50.

15.96 

 the contract high
13.04 3/4 --- 10-day moving average
12.99 1/4 --- 20-day moving average
13.80 3/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Monday closed higher and nearer the session 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 last week's high of $360.70. The next downside price
objective for the bears is pushing and closing prices below solid support at
$343.00. First resistance comes in at Monday's high of $356.80 and then at
$360.70. First support is seen at $351.50 and then at $350.00.

$394.00 --- the contract high
$341.60 --- 10-day moving average
$339.10 --- 20-day moving average
$354.90 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Monday gapped higher on the daily bar chart, closed
solidly higher and near the session high and hit a fresh four-week high. The
bulls have regained solid upside technical momentum. The next upside price
objective for the bean oil bulls is pushing and closing prices above solid
technical resistance at 64.00 cents. The bears' next downside technical price
objective is pushing and closing prices below solid support at 60.93 cents,
which would fill on the downside Monday's upside price gap on the daily bar
chart. First resistance is seen at Monday's high of 62.30 cents and then 62.50
cents. First support is seen at 62.00 cents and then at Monday's low of 61.55
cents.

71.32 --- the contract high
57.82 --- 10-day moving average
57.44 --- 20-day moving average
61.15 --- 40-day moving average
31.90 --- the contract low