By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MARCH CORN
 March corn on Tuesday closed lower, nearer the session low and hit a fresh
seven-week low. The key "outside markets" were mostly bullish Tuesday - firmer
crude oil and a sharply lower U.S. dollar. However, gold prices were solidly
lower to somewhat mitigate crude and the dollar's influence. Bulls are worried
about the onset of the seasonal "February break" phenomenon. The next downside
price objective for the bears is to push and close prices below solid technical
support at the November low of $3.52 1/4 a bushel. The bulls' next upside price
objective is to push and close prices above solid technical resistance at $3.85
3/4. First resistance for March corn is seen at $3.68 and then at Tuesday's
high of $3.72 1/4. First support is seen at Tuesday's low of $3.56 and then at
$3.52 1/4.
   $8.16     - the contract high

  $3.81 3/4 - 10-day moving average

  $3.86 1/2 - 20-day moving average

  $3.82 1/2 - 40-day moving average

  $3.05 1/2 - the contract low


  MARCH CBOT WHEAT
 March wheat on Tuesday closed lower and near the session low. The key "outside
markets" were mostly bullish Tuesday - firmer crude oil and a sharply lower
U.S. dollar. However, gold prices were solidly lower to somewhat mitigate crude
and the dollar's influence. Wheat bears have the overall near-term technical
advantage and have gained fresh downside momentum this week. Bulls are also
worried about the onset of the "February break" seasonal phenomenon. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $5.15. Bulls' next upside price objective is to push
and close March futures prices above major psychological resistance at $6.00 a
bushel. First resistance is seen at Tuesday's high of $5.69 1/2 and then at
$5.80. First support lies at Tuesday's low of $5.51 and then at the January low
of $5.48 1/4.
   $12.75     - the contract high

   $5.75 3/4 - 10-day moving average

   $5.83 1/2 - 20-day moving average

   $5.69 1/4 - 40-day moving average
    $4.71     - the contract low


  MARCH KCBT WHEAT
 Kansas City Wheat on Tuesday closed lower and near the session low. Bears have
the near-term technical advantage and have gained more downside momentum this
week. The bulls' next upside price objective is pushing prices above solid
resistance at $6.25. The bears' next downside objective is pushing and closing
prices below solid technical support at the $5.65. First resistance is seen at
Tuesday's high of $5.91 and then at this week's high of $6.02. First support is
seen at Tuesday's low of $5.81 and then at the January low of $5.79 1/2.
   $12.75     - the contract high

   $6.05 1/2 - 10-day moving average

   $6.11 1/4 - 20-day moving average
    $5.94     - 40-day moving average
    $4.78     - the contract low