By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Friday closed higher and near the
session high. Bulls still have the overall technical advantage in corn. The
bulls' next upside price objective is to push prices above solid technical
resistance at last week's high of $6.11 1/4. The next downside price objective
for the bears is to push and close prices below solid support at $5.79 1/4.
First resistance for July corn is seen at Friday's high of $6.02 and then at
$6.07. First support is seen at $5.95 and then at Friday's low of $5.93.

6.34 

 the contract high
5.98 3/4 --- 10-day moving average
6.06 1/4--- 20-day moving average
6.05 1/2 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Friday closed firmer and near mid-range after hitting
a fresh six-month low early on. Prices are still trapped below a nine-week-old
downtrend on the daily bar chart. The bulls' next upside price objective is to
push and close July futures prices above technical resistance at last week's
high of $8.09 1/2 a bushel. The next downside price objective for the bears is
pushing and closing prices below technical support at $7.00 a bushel. First
resistance is seen at Friday's high of $7.59 1/2 and then at $7.88. First
support lies at Friday's low of $7.40 1/2 and then at $7.25.

12.72 3/4 --- the contract high
7.76 1/4 --- 10-day moving average
7.93 1/2 --- 20-day moving average
8.51 1/2 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Friday closed lower, near the session low, hit
a fresh five-month low and closed at a bearish weekly low close. Bears still
have the overall near-term technical advantage. A nine-week-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 $8.52 a bushel. The bears' next downside objective is pushing and
closing prices below solid technical support at $7.50. First resistance is seen
at Friday's high of $8.05 1/2 and then at $8.30. First support is seen at
Friday's low of $7.94 1/2 and then at $7.75.

13.00 

 the contract high
8.23 1/4 --- 10-day moving average
8.39 1/4 --- 20-day moving average
8.97 1/2 --- 40-day moving average
4.36 

 the contract low