By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MARCH CORN


  March corn on Thursday closed weaker and near the session high. Weak USDA
export sales data Thursday pressured corn. The key "outside markets" were also
mostly bearish Thursday--weaker crude oil prices, a firmer U.S. dollar and
lower U.S. stock indexes. 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 $3.86 and then at $3.90. First support is seen at last
week's low of $3.76 1/4 and then at this week's low of $3.72 1/2.

$8.16 

 the contract high
$3.84 1/2 --- 10-day moving average
$3.92 1/2 --- 20-day moving average
$3.80 1/2 --- 40-day moving average
$3.05 1/2 --- the contract low


  MARCH CBOT WHEAT


  March wheat on Thursday closed lower and nearer the session low. The key
"outside markets" were mostly bearish Thursday--weaker crude oil prices, a
firmer U.S. dollar and lower U.S. stock indexes. Bears have the slight overall
near-term technical advantage. The next downside price objective for the bears
is pushing and closing prices below solid technical support at the January low
of $5.48 1/4. Bulls' next upside price objective is to push and close March
futures prices above solid technical resistance at this week's high of $6.11 a
bushel. First resistance is seen at $5.90 and then at $6.01. First support lies
at Thursday's low of $5.73 and then at $5.60.

$12.75 
--- the contract high
$5.76 3/4 --- 10-day moving average
$5.91 

 20-day moving average
$5.65 1/2 --- 40-day moving average
$4.71 

 the contract low


  MARCH KCBT WHEAT


  Kansas City Wheat on Thursday closed lower and nearer the session low. Bears
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 the January low of $5.79 1/2. First resistance is
seen at Thursday's high of $6.16 1/2 and then at $6.29. First support is seen
at Thursday's low of $6.05 and then at $6.00.

$12.75 

 the contract high
$6.06 1/4 --- 10-day moving average
$6.17 3/4 --- 20-day moving average
$5.89 3/4 --- 40-day moving average
$4.78 

 the contract low