By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY SOYBEANS


  July soybean prices Thursday closed lower, nearer the session low and scored
a bearish "outside day" down on the daily bar chart. Bearish "outside markets"
- lower crude oil prices and a stronger U.S. dollar - pressured beans Thursday.
Prices are still trapped in a 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 $13.00. The next upside price objective for the bean
bulls is to push and close prices above solid technical resistance at
Thursday's high of $13.67 1/4 a bushel. First support for July soybeans is seen
at Thursday's low of $13.12 1/2 and then at $13.00. First resistance is seen at
$13.40 and then at $13.50.

15.96 

 the contract high
13.52 1/2 --- 10-day moving average
13.26 1/4 --- 20-day moving average
13.25 3/4 --- 40-day moving average
6.26 

 the contract low

JULY SOYBEAN MEAL


  CBOT July soymeal prices Thursday closed lower and near the session low and
hit a fresh three-week low. Prices also scored a bearish "outside day" down on
the daily bar chart Thursday. Bulls are fading. However, look for spreaders to
soon start unwinding long bean oil, short meal spreads, which should support
meal. The next downside price objective for the bears is pushing and closing
prices below solid support at the May low of $322.20. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at $340.00. First resistance comes in at $329.00 and then at $332.50. First
support is seen at Thursday's low of $325.00 and then at $322.20.

$340.70 --- 10-day moving average
$337.90 --- 20-day moving average
$341.30 --- 40-day moving average
$204.00 --- the contract low

JULY SOYBEAN OIL


  July bean oil prices Thursday closed lower and nearer the session low after
hitting a fresh five-week high early on. Lower crude oil prices pressured bean
oil Thursday. The next upside price objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at the April high of 63.79
cents. Bean oil bears' next downside technical price objective is pushing and
closing prices below solid support at last week's low of 59.02 cents. First
resistance is seen at 62.50 cents and then at 63.00 cents. First support is
seen at Thursday's low of 60.80 cents and then at 60.00 cents.

71.32 --- the contract high
61.51 --- 10-day moving average
59.84 --- 20-day moving average
59.40 --- 40-day moving average
31.90 --- the contract low