By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Monday closed higher and near
mid-range. Corn bulls still have the near-term technical advantage. However, a
potentially bearish broadening formation has developed on the daily bar chart.
These patterns are not common and usually develop at market tops. The corn
bulls' next upside price objective is to push and close prices above resistance
at the contract high of $6.28 1/4. The next downside price objective for the
bears is to push and close prices below solid support at $5.91. First
resistance for July corn is seen at Monday's high of $6.07 and then at $6.10.
First support is seen at Monday's low of $6.00 1/2 and then at last week's low
of $5.96 3/4.

6.28 1/4 --- the contract high
6.06 3/4 --- 10-day moving average
5.80 3/4 --- 20-day moving average
5.72 3/4 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Monday closed steady and near mid-range and did hit a
fresh two-month low. Prices are still in a four-week-old downtrend on the daily
bar chart. The bulls' next upside price objective is to push and close July
futures prices above solid technical resistance at $9.50 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid support at Monday's low of $9.00 a bushel. First resistance is seen at
Monday's high of $9.23 and then at $9.35. First support lies at $9.00 and then
at $8.80.

12.72 3/4 --- the contract high
9.39 1/4 --- 10-day moving average
9.86 3/4 --- 20-day moving average
10.26 3/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Monday closed lower and nearer the session low
and hit a fresh 2 1/2-month 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 $10.00 a bushel. The bears'
next downside objective is pushing and closing prices below major psychological
support at $9.00. First resistance is seen at Monday's high of $9.75 and then
at $10.00. First support is seen at Monday's low of $9.49 and then at $9.25.

13.00 

 the contract high
9.88 3/4 --- 10-day moving average
10.32 1/4 --- 20-day moving average
10.83 1/4 --- 40-day moving average
4.36 

 the contract low