By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Friday closed higher but nearer the session low after
hitting a fresh four-week high early on. Prices are trading in the upper
boundary of 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 $13.50. The next upside price objective for the bean bulls
is to push and close prices above solid technical resistance at Friday's high
of $14.02 a bushel. First support for July soybeans is seen at Friday's low of
$13.66 and then at $13.50. First resistance is seen at $14.02 and then at
$14.15.

15.96 

 the contract high
13.36 3/4 --- 10-day moving average
13.32 1/2 --- 20-day moving average
13.25 

 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Friday closed higher but nearer the session low and
did hit a fresh four-week high early on. Bulls still have the near-term
technical advantage. The next downside price objective for the bears is pushing
and closing prices below solid support at last week's low of $334.70. The next
upside price objective for the bulls is to produce a close above solid
technical resistance at Friday's of $357.00. First resistance comes in at
$352.50 and then at $355.00. First support is seen at Friday's low of $346.50
and then at $344.00.

$394.00 --- the contract high
$340.20 --- 10-day moving average
$341.60 --- 20-day moving average
$342.90 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Friday closed solidly higher and near mid-range. Trading
has turned choppy in bean oil. The bears' next downside technical price
objective is pushing and closing prices below solid support at last week's low
of 59.03 cents. The next upside price objective for the bean oil bulls is
pushing and closing prices above solid technical resistance at last 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 Friday's low of 61.38 cents and then at 60.95
cents.

71.32 --- the contract high
60.27 --- 10-day moving average
59.74 --- 20-day moving average
59.05 --- 40-day moving average
31.90 --- the contract low