By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Tuesday gapped lower on the daily bar
chart but did close near the session high. No serious chart damage was
inflicted in corn Tuesday, but the bulls have faded and need to show some fresh
power soon. The bulls' next upside price objective is to push prices above
solid technical resistance at $6.13 3/4, which would fill on the upside
Tuesday's downside price gap on the daily chart. The next downside price
objective for the bears is to push and close prices below solid support at
Tuesday's low of $5.95. First resistance for July corn is seen at $6.10 and
then at $6.13 3/4. First support is seen at $6.00 and then at $5.95.

6.34 

 the contract high
6.13 3/4 --- 10-day moving average
6.09 1/4 --- 20-day moving average
5.96 3/4 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Tuesday closed lower and near the session low and
closed at a fresh two-week low close. Prices are still in a two-month-old
downtrend on the daily bar chart. The bears still have the overall near-term
technical advantage. The bulls' next upside price objective is to push and
close July futures prices above solid technical resistance at last week's high
of $8.44 a bushel. The next downside price objective for the bears is pushing
and closing prices below strong technical support at the May low of $7.77 a
bushel. First resistance is seen at $8.00 and then at this week's high of
$8.11. First support lies at Tuesday's low of $7.90 and then at $7.77.

12.72 3/4 --- the contract high
8.05 3/4 --- 10-day moving average
8.32 3/4 --- 20-day moving average
9.05 1/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Tuesday closed lower and near mid-range but did
close at a fresh four-month low close. Bears still have the overall near-term
technical advantage. A two-month-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 last week's high of $8.86 a bushel. The
bears' next downside objective is pushing and closing prices below technical
support at the May low of $8.27. First resistance is seen at Tuesday's high of
$8.45 and then at $8.50. First support is seen at Tuesday's low of $8.29 and
then at $8.27.

13.00 

 the contract high
8.51 1/4 --- 10-day moving average
8.76 1/4 --- 20-day moving average
9.49 
--- 40-day moving average
4.36 

 the contract low