By Jim Wyckoff

  DOW JONES NEWSWIRES

JULY CORN


  Chicago Board of Trade July corn prices Monday hit another fresh contract and
all-time high of $7.58 and then backed off to close nearer the session low.
Bullish "outside markets" Monday - record high crude oil prices and a weaker
U.S. dollar - also led to fresh buying interest in corn. Corn bulls have the
solid near-term technical advantage. While my bias is that there is still more
room on the upside in the corn market, I expect to see a corrective pullback in
prices very soon, as the market is way short-term overdone on the upside,
technically. The bulls' next upside price objective is to push and close prices
above technical resistance at Monday's contract high of $7.58. The next
downside price objective for the bears is to push and close prices below
psychological support at $7.00. First resistance for July corn is seen at $7.37
1/2 and then at $7.50. First support is seen at Monday's low of $7.24 and then
at $7.12.

7.58 

 the contract high
6.72 1/2 --- 10-day moving average
6.34 1/2 --- 20-day moving average
6.20 1/2 --- 40-day moving average
2.65 

 the contract low

JULY CBOT WHEAT


  CBOT July wheat prices Monday hit a fresh two-month high and then backed off
to close lower and nearer the session low. Profit-taking pressure from recent
gains was seen Monday. Bulls still have some upside technical momentum. Bullish
"outside markets" - record high crude oil and a weaker U.S. dollar did limit
selling interest in wheat Monday. The bulls' next upside price objective is to
push and close July futures prices above solid technical resistance at Monday's
high of $9.13 3/4 a bushel. The next downside price objective for the bears is
pushing and closing prices below solid technical support at $8.38 a bushel.
First resistance is seen at $9.00 and then at $9.13 3/4. First support lies at
Monday's low of $8.74 1/4 and then at $8.50.

12.72 3/4 --- the contract high
8.17 3/4 --- 10-day moving average
7.91 3/4 --- 20-day moving average
8.01 1/4 --- 40-day moving average
3.72 

 the contract low

JULY KCBT WHEAT


  July Kansas City wheat prices Monday closed lower and near the session low
after hitting a fresh two-month high early on. Bulls still have the slight
near-term technical advantage in wheat. The bulls' next upside price objective
is pushing and closing prices above solid technical resistance at Monday's high
of $9.54 a bushel. The bears' next downside objective is pushing and closing
prices below psychological support at $9.00. First resistance is seen at $9.50
and then at $9.54. First support is seen at Monday's low of $9.21 and then at
$9.06 1/2.

13.00 

 the contract high
8.55 1/2 --- 10-day moving average
8.33 3/4 --- 20-day moving average
8.44 1/2 --- 40-day moving average
4.36 

 the contract low