By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Tuesday closed solidly higher and
near mid-range and regained much of Monday's sharp losses. Bullish "outside
markets" - record high crude oil, higher gold and a weaker U.S. dollar - helped
boost corn Tuesday. Wet weather in the U.S. Corn Belt is also bullish for corn,
due to planting delays. The corn bulls' next upside price objective is to push
prices above solid technical 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 this week's low of $5.83. First resistance for July corn is
seen at Tuesday's high of $6.15 and then at $6.20. First support is seen at
Tuesday's low of $6.00 and then at $5.96 3/4.

6.28 1/4 --- the contract high
6.09 3/4 --- 10-day moving average
6.01 1/4 --- 20-day moving average
5.82 1/4 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Tuesday closed firmer and near mid-range on short
covering. Prices are still in a six-week-old downtrend on the daily bar chart
and bears still have the overall near-term technical advantage. The bulls' next
upside price objective is to push and close July futures prices above major
psychological resistance at $9.00 a bushel. The next downside price objective
for the bears is pushing and closing prices below solid support at this week's
low of $8.40 a bushel. First resistance is seen at Tuesday's high of $8.75 -
the top of a downside price gap on the daily chart - and then at $9.00. First
support lies at $8.40 and then at $8.25.

12.72 3/4 --- the contract high
9.09 1/4 --- 10-day moving average
9.38 1/4 --- 20-day moving average
10.15 1/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Tuesday closed firmer and nearer the session
high. Serious near-term chart damage has been inflicted recently. A
six-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 $9.50 a bushel. The bears' next downside objective is pushing and
closing prices below solid technical support at this week's low of $8.92. First
resistance is seen at Tuesday's high of $9.20 and then at $9.38. First support
is seen at $9.00 and then at $8.92.

13.00 

 the contract high
9.55 1/2 --- 10-day moving average
9.83 3/4 --- 20-day moving average
10.67 
--- 40-day moving average
4.36 

 the contract low