By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MARCH CORN


  March corn on Friday closed higher, nearer the session high and closed at a
bullish weekly high close on more short covering in a bear market. Prices are
still in a four-week-old downtrend on the daily bar chart. The next downside
price objective for the bears is to push and close prices below solid technical
support at last week's low of $3.55 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 Friday's high of $3.80 3/4
and then at $3.86. First support is seen at $3.75 and then at Friday's low of
$3.69 3/4.

$8.16 

 the contract high
$3.75 1/2 --- 10-day moving average
$3.79 1/4 --- 20-day moving average
$3.86 
--- 40-day moving average
$3.05 1/2 --- the contract low


  MARCH CBOT WHEAT


  March wheat on Friday closed lower and nearer the session low. Wheat bears
still have the overall near-term technical advantage. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at last week's low of $5.38 3/4. 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 $5.67 1/2 and then at last week's
high of $5.71. First support lies at $5.50 and then at $5.41 1/2.

$12.75 
--- the contract high
$5.69 3/4 --- 10-day moving average
$5.72 3/4 --- 20-day moving average
$5.74 1/2 --- 40-day moving average
$4.71 

 the contract low


  MARCH KCBT WHEAT


  Kansas City Wheat on Friday closed lower and nearer the session low. Bears
still have the near-term technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. The bulls' next upside price objective is
pushing prices above solid technical resistance at last week's high of $6.02.
The bears' next downside objective is pushing and closing prices below solid
technical support at last week's low of $5.70. First resistance is seen at
Friday's high of $5.96 and then at $6.00. First support is seen at Friday's low
of $5.84 and then at $5.80.

$12.75 

 the contract high
$5.99 1/4 --- 10-day moving average
$6.01 1/2 --- 20-day moving average
$5.99 1/4 --- 40-day moving average
$4.78 

 the contract low