By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Friday closed lower, near the session
low and closed at a bearish weekly low close. Bulls have faded recently but
there is very strong technical support located at $5.83, which is the bottom of
the recent sideways trading range at higher price levels. Corn bulls' next
upside price objective is to push and close prices above solid technical
resistance at $6.00. The next downside price objective for the bears is to push
and close prices below solid support at $5.83. First resistance for July corn
is seen at $5.95 and then at $6.00. First support is seen at Friday's low of
$5.88 and then at $5.83.

6.34 

 the contract high
6.08 1/4 --- 10-day moving average
6.06 1/4 --- 20-day moving average
6.01 

 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Friday closed higher and nearer the session high on
short covering in a bear market. 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 psychological resistance at $8.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
technical support at last week's low of $7.49 a bushel. First resistance is
seen at Friday's high of $7.83 and then at $7.90. First support lies at
Friday's low of $7.67 and then at $7.49.

12.72 3/4 --- the contract high
7.97 

 10-day moving average
8.10 3/4 --- 20-day moving average
8.83 1/2 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Friday closed higher and nearer the session
high. Short covering in a bear market was featured. 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 $8.50 a bushel. The
bears' next downside objective is pushing and closing prices below solid
technical support at last week's low of $7.98. First resistance is seen at
Friday's high of $8.32 and then at last week's high of $8.47. First support is
seen at Friday's low of $8.16 3/4 and then at $8.00.

13.00 

 the contract high
8.42 3/4 --- 10-day moving average
8.55 1/4 --- 20-day moving average
9.28 1/2 --- 40-day moving average
4.36 

 the contract low