By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Tuesday closed higher and near the session high, hit a
fresh three-week high and scored a bullish "outside day" up on the daily bar
chart. Prices are trapped in a big sideways trading range between the April
high of $14.15 and the May low of $12.44. The direction in which prices break
out of this trading range is likely to be the next significant trend in prices.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at $13.20, which would fill on the downside an
upside price gap. The next upside price objective for the bean bulls is to push
and close prices above solid technical resistance at $14.00 a bushel. First
support for July soybeans is seen at $13.65 and then at $13.50. First
resistance is seen at Tuesday's high of $13.82 and then at $14.00.

15.96 

 the contract high
13.15 1/4 --- 10-day moving average
13.32 1/2 --- 20-day moving average
13.17 3/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Tuesday closed higher and near the session high.
Bulls have regained the near-term technical advantage. The next downside price
objective for the bears is pushing and closing prices below solid support at
this week's low of $334.70. The next upside price objective for the bulls is to
produce a close above solid technical resistance at the April high of $362.90.
First resistance comes in at Tuesday's high of $351.00 and then at $354.00.
First support is seen at $348.00 and then at $346.00.

$394.00 --- the contract high
$336.50 --- 10-day moving average
$341.60 --- 20-day moving average
$340.90 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Tuesday closed higher and near the session high as crude
oil notched another new all-time high. Bulls still have some upside technical
momentum. The bears' next downside technical price objective is pushing and
closing prices below solid support at 59.63 cents, which would fill on the
downside a big upside price gap on the daily chart. The next upside price
objective for the bean oil bulls is pushing and closing prices above solid
technical resistance at this week's high of 62.45 cents. First resistance is
seen at 62.45 cents and then at 63.00 cents. First support is seen at 61.00
cents and then at 60.50 cents.

71.32 --- the contract high
59.12 --- 10-day moving average
59.85 --- 20-day moving average
58.75 --- 40-day moving average
31.90 --- the contract low