By Jim Wyckoff

  OF DOW JONES NEWSWIRES


  MARCH CORN
 March corn on Monday closed firmer and near mid-range amid mixed "outside
markets." The fact that gold has rallied sharply recently has raised the
specter of commodity price inflation rearing its head again this year, and
that's a bullish underlying factor. Trading remains choppy in corn. Selling
interest remains limited by a drought in Argentina. However, buyers are a bit
cautious as the seasonal "February Break" may be looming around the corner. The
next downside price objective for the bears is to push and close prices below
solid technical support at the January low of $3.58 3/4 a bushel. The bulls'
next upside price objective is to push and close prices above major
psychological resistance at $4.00. First resistance for March corn is seen at
$4.00 and then at Monday's high of $4.02 1/2. First support is seen at Monday's
low of $3.83 3/4 and then at last week's low of $3.76 1/4.
   $8.16     - the contract high

  $3.81 1/4 - 10-day moving average

  $3.95 1/4 - 20-day moving average
   $3.79     - 40-day moving average

  $3.05 1/2 - the contract low


  MARCH CBOT WHEAT
 March wheat on Monday closed higher and near mid-range and did hit a fresh
two-week high. The "outside markets" were mixed Monday. The fact that gold has
rallied sharply recently has raised the specter of commodity price inflation
rearing its head again this year, and that's a bullish underlying factor. Bears
still have the slight near-term technical advantage. Bulls are still worried
about a looming "February Break" seasonal phenomenon. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at last week's low of $5.48 1/4. Bulls' next upside price objective is
to push and close March futures prices above solid technical resistance at the
January high of $6.46 1/4 a bushel. First resistance is seen at $6.00 and then
at Monday's high of $6.11. First support lies at Monday's low of $5.75 1/4 and
then at $5.57.
   $12.75     - the contract high

   $5.72 1/2 - 10-day moving average
    $5.93     - 20-day moving average

   $5.62 3/4 - 40-day moving average
    $4.71     - the contract low


  MARCH KCBT WHEAT
 Kansas City Wheat on Monday closed higher and nearer the session low but did
hit a fresh two-week high early on. Bears still have the slight near-term
technical advantage. The bulls' next upside price objective is pushing prices
above solid resistance at the January high of $6.70. The bears' next downside
objective is pushing and closing prices below solid technical support at last
week's low of $5.79 1/2. First resistance is seen at Monday's high of $6.35 and
then at $6.50. First support is seen at Monday's low of $6.16 1/2 and then at
$6.00.
   $12.75     - the contract high

   $6.00 3/4 - 10-day moving average

   $6.17 3/4 - 20-day moving average

   $5.86 1/2 - 40-day moving average
    $4.78     - the contract low